Bharti scrip sinks 3.19 percent in afternoon trade
February 16th, 2010 - 3:18 pm ICT by IANSMumbai, Feb 16 (IANS) Telecom operator Bharti Airtel’s scrip fell 3.19 percent during afternoon trade Tuesday, after plummeting over 9 percent the previous day as investors continued to speculate on the burden a $10.7 billion acquisition it has planned.
At the Bombay Stock Exchange, the Bharti scrip was trading at Rs.276.30, a fall of 3.19 percent from its previous close.
The Sunil Mittal-controlled Bharti Airtel had said Monday it was in exclusive talks to acquire Kuwait telecom company Zain’s assets in Africa for $10.7 billion.
Traders had thereafter dumped Bharti stock, which ended Monday over 9 percent lower at Rs.285.40, on fears that the proposed acquisition could strain the company’s finances.
The proposed takeover will not include Zain’s assets in Morocco and Sudan, the company said about the bid — its third attempt to enter the African market after twice failing to enter into a merger pact with South Africa’s MTN.
- Bharti scrip falls another 4.54 percent, loses 13 percent in 2 days (Lead) - Feb 16, 2010
- Bharti starts 40-day talks to acquire Kuwait's Zain - Feb 15, 2010
- Zain confirms nod to Bharti's offer for African telecom assets - Mar 25, 2010
- Bharti starts fund-raiser to buy Zain's African assets - May 27, 2010
- Kuwait's Zain approves Bharti's bid to connect with Africa (Lead) - Mar 25, 2010
- India's Bharti makes grand entry into Africa's telecom market - Mar 31, 2010
- Kuwait's Zain accepts Bharti's offer for African assets - Mar 24, 2010
- Africa deal makes Bharti world's 5th largest telecom firm - Jun 08, 2010
- Bharti to ink final agreement with Kuwait's Zain Tuesday - Mar 29, 2010
- Bharti shares open strong after Zain Africa deal - Mar 31, 2010
- Bharti is world's 5th largest telecom firm after Africa deal (Roundup) - Jun 08, 2010
- Bharti Airtel to acquire Telecom Seychelles for $62 million - Aug 11, 2010
- Government will help Bharti clinch Zain deal: Khurshid - Feb 17, 2010
- Bharti ties up $8.3 bn deal with Kuwait's Zain Telecom - Mar 21, 2010
- 100 million African subscribers in next two years: Airtel - Nov 16, 2010
Tags: acquisition, afternoon trade, airtel, assets, bombay stock exchange, fears, investors, kuwait, merger, morocco, mtn, pact, scrip, south africa, sudan, sunil, takeover, telecom company, telecom operator, third attempt