Bharti Airtel Shares Tank Over 4%

Shares of Bharti Airtel tumbled over 4% on Friday after Singtel said it has sold about 0.8% stake in the firm for ₹10,353 crore (SGD 1.5 billion).

The stock tanked 4.46% to settle at ₹2,001.10 on the BSE. During the day, it declined 4.71% to ₹1,995.80.

At the NSE, the stock tumbled 4.47% to ₹2,001.20.

The company's market valuation eroded ₹1,35,483.25 crore to₹11,41,048.30 crore.

The stock emerged as the biggest laggard among the Sensex and Nifty firms.

Singtel on Friday said it has sold about 0.8% stake in Bharti Airtel for ₹10,353 crore (SGD 1.5 billion) as it continues to proactively optimise its portfolio through asset recycling.

Following the stake sale, Singtel will hold a 27.5% stake in Airtel, valued at an estimated SGD 51bn (around ₹3.46 lakh crore).

The transaction was executed via a private placement to institutional investors, reflecting strong demand and market confidence in Airtel. The resultant gain from the sale is estimated to be SGD 1.1 billion, Singtel -- Southeast Asia's largest telecoms provider, said in a regulatory filing on Singapore Exchange (SGX).

"Singtel has sold approximately 0.8% of its direct stake in regional associate Airtel today, unlocking SGD 1.5bn as it continues to proactively optimise its portfolio through asset recycling," it added.