Shares of Bharti Infratel, the telecom tower arm of Bharti Airtel, rallied nearly 12 per cent to hit intraday high of Rs 435.40.
The stock had underperformed the markets on Friday, weighed down by share sale from a Temasek arm.
According to filing on the BSE, Compassvale Investments Pte Limited, which is an arm of international investment company Temasek, on Friday sold more than 1.73 crore shares of Bharti Infratel at Rs 380.04. The stake sale by Compassvale Investments was pegged at Rs 660 crore.
Compassvale Investments bought shares of Bharti Infratel when it launched its IPO in 2012.
Some traders attributed today's surge in Bharti Infratel to a relief rally after the huge share sale out of the way. Also boosting Bharti Infratel shares, international brokerage, CLSA has maintained "buy" on the stock, citing that the tower company has been gaining market share. CLSA's target price of Rs 520 is 25 per cent higher than the current levels.
The shares in Bharti Infratel ended 2.5 per cent higher at Rs 399.55.
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