Bharti Airtel has surged almost 7% to Rs 351 in afternoon deals on heavy volume. The stock is trading at its highest level since March 2012 on the National Stock Exchange (NSE). A combined 6.56 million shares have already changed hands on the counter so far, as against an average 3.3 million shares that were traded daily in past two weeks on NSE and BSE.
Foreign institutional investors (FIIs) have increased their stake in the company by more than one percentage points during the recently concluded quarter after reducing holdings in earlier three quarters. As per the latest shareholding pattern data of the company, FIIs held 17.28% stake in the telecom company as on December 31, 2012.
In the past quarters between December 2011 and September 2012, overseas investors reduced their stake from 17.52% to 16.44%.