Bharti Airtel Stock Falls After Promoter Offloads Shares Worth Rs 8,485 crore
Bharti Airtel stock fell as much as 1.18% during the day.
Bharti Airtel share price slipped in trade on Tuesday after its promoter offloaded shares via a block deal. Indian Continent Investment Limited sold 51.1 million shares for Rs 8,485 crore.
Further, Bharti Telecom Ltd., another promoter entity, acquired 12 million shares of the company.
ICIL is owned by Sunil Mittal while Bharti Telecom is jointly owned by Sunil Mittal and SingTel. Now SingTel owns 49.4% stake, while Mittal owns 50.6% stake in Bharti Telecom.
Bharti Telecom now holds about 40.47% of Bharti Airtel. As Airtel's promoter, it had also acquired a 1.2% stake in the company from Indian Continent Investment back in Nov. 7, 2024, according to a PTI report.
Airtel Share Price
Bharti Airtel stock fell as much as 1.18% during the day. It was trading 0.84% lower at Rs 1,662.3 apiece, compared to an 0.52% decline in the benchmark Nifty 50 as of 10:33 a.m.
It has risen 4.30% in the last 12 months. The total traded volume so far in the day stood at 2.1 times its 30-day average. The relative strength index was at 49.41.
Thirty out of the 35 analysts tracking the company have a 'buy' rating on the stock, four recommend a 'hold' and one suggests a 'sell', according to Bloomberg data. The 12-month analysts' consensus target price on the stock is Rs 1,860.9, implying an upside of 12.2%.
