Bharti Airtel shares tank over 4 pc

New Delhi, Nov 7 (PTI) Shares of Bharti Airtel tumbled over 4 per cent on Friday after Singtel said it has sold about 0.8 per cent stake in the firm for Rs 10,353 crore (SGD 1.5 billion).

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

At the NSE, the stock tumbled 4.47 per cent to Rs 2,001.20.

The company's market valuation eroded Rs 1,35,483.25 crore to Rs 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 per cent stake in Bharti Airtel for Rs 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 per cent stake in Airtel, valued at an estimated SGD 51 billion (around Rs 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 per cent of its direct stake in regional associate Airtel today, unlocking SGD 1.5 billion as it continues to proactively optimise its portfolio through asset recycling," it added. PTI SUM TRB