Bharti Airtel share price declined over a percent on Wednesday, extending its fall for the third consecutive session, following a block deal in the shares of India’s second-largest telecom company.
Bharti Airtel shares fell as much as 1.23% to ₹1647.75 apiece on the BSE. Over the past three sessions, Bharti Airtel shares have plunged 3.85%.
The telecom company, in a stock exchange filing on February 18, had announced that its promoter-group entity Indian Continent Investment Limited (ICIL) sold a 0.84% stake, or 5.11 crore equity shares, in Bharti Airtel, through a market transaction, for an aggregate amount of ₹8,485.11 crore.
Bharti Airtel Block Deal Details
Bharti Airtel block deal worth ₹8,485 crore took place at ₹1,660 per share, with ICIL (Sunil Mittal) as the seller. According to Nuvama Alternate Research report, approximately ₹5,300 crore to 5,500 crore worth Bharti Airtel shares were purchased by Foreign Institutional Investors (FIIs), while the remainder was bought by Domestic Institutional Investors (DIIs).
Bharti Airtel block deal saw participation from several institutional investors, with Bharti Telecom being the biggest purchaser. While one promoter entity sold a 0.84% stake in the company, another promoter – Bharti Telecom – acquired 1.20 crore of those shares.
Among other investors, Goldman Sachs Trust II acquired 1.06 crore shares valued at ₹1,773 crore and GQG Partners acquired 90.99 lakh shares worth ₹1,510 crore.
Bharti Airtel Share Price Trend
Bharti Airtel share price has gained over 3% year-to-date (YTD). The telecom stock is up 8% in three months and 12% in six months. Bharti Airtel shares have risen over 44% in one year and have delivered multibagger returns of 112% in two years.
At 11:20 AM, Bharti Airtel share price were 1.05% trading lower at ₹1,650.80 apiece on the BSE.
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