Bharti Airtel pared its early gains and ended 5.4% lower at Rs 811.40. Around 2.31 million shares were traded on the BSE today.
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Updated at 1037 Hrs:
Bharti Airtel has surged on plans of acquiring 49% stake in MTN.
The stock opened up 5% at Rs 899. It surged to a high of Rs 931, up 8.5%. However, the stock failed to hold gains and is now up 1% at Rs 868. The counter has clocked comparatively heavy volumes of 376,536 shares as against the two-week daily traded average of 461,566 on the BSE so far.
The company has informed the BSE that it has planned to acquire a 49% stake in MTN while the latter would buy 36% economic interest in Bharti. Bharti would target full merger after the first step.