Shares in Bharti Airtel fell as much as 5 per cent in trade after reports that a Qatari investor was likely to sell a stake in the company.
Reuters reported that Three Pillars Pte Ltd, an affiliate of the Qatar Foundation, has put up for sale through stock market transactions about 199.9 million shares in Bharti Airtel in a price range of 473-490 rupees each, according to a deal term sheet seen by Reuters on Tuesday.
Shares of the company were last trading at Rs 490, down almost 4.7 per cent on the NSE. Bharti Airtel has had a spectacular run, ever since analysts believed that the worst of the pricing pressures for the telecom sector were done.
The stock had only recently hit a 52-week high of Rs 564 on November 3, 3017. There has been tremendous consolidation in the telecom industry and industry observers believe that the few players left would eventually do well. Pricing pressures had also eased a bit after Reliance Jio recently raised the prices for its offerings.
One needs to wait and see how long the rally in the telecom stocks would continue. Check stock quote of Bharti Airtel here