Mumbai, September 23: Shares of Bharti Airtel today fell over 3 per cent on the Bombay Stock Exchange (BSE) a day after market regulator SEBI revised takeover norms, which is likely to have major ramification on its proposed deal with South African telecom major MTN. The scrip today settled the day at Rs 413.40, down 3.43 per cent from its previous close on the BSE. During the trade, it had touched an intra-day low of Rs 410.60, down 4 per cent. Marketmen said the counter witnessed heavy selling in a flat market as the revision in takeover norms is likely to have major ramification on the fate of the proposed Bharti-MTN deal, with both the parties still hammering out contentious issues including the open offer.
A similar trend was seen on the National Stock Exchange, where the stock ended the day at Rs 414.40, down 3.30 per cent from its last close. On the volume front, over 9.88 lakh shares of the telecom major changed hands on the two bourses.
Under the revised revised takeover norms of Securities and Exchange Board of India (SEBI), an open offer is mandatory if 15 per cent stake is bought in a company through securities including American depository receipts and global depository receipts.
—PTI–