Bharti Infratel down 4% after block deals

The stock dipped 4% to Rs 398 on the NSE in intra-day trade, its lowest level since September 29, 2017.

Bharti Infratel dipped 4% to Rs 398 on the NSE in intra-day trade after more than five percentage point equity of the company changed hands through multiple block deals.

The stock hit its lowest level since September 29, 2017. It hit a 52-week high of Rs 483 on October 17, in intra-day deal.

Till 10:33 AM; around 113.79 million equity shares representing 6% of total equity of Bharti Infratel changed hands on the NSE, the exchange data shows.

The name of the buyers and sellers were not ascertained immediately.

Earlier, on August 8, 2017, Nettle Infrastructure Investments, a subsidiary of Bharti Airtel, had sold 67.5 million equity shares or 3.65% of its stake in Bharti Infratel for about Rs 2,568 crore. Nettle Infrastructure Investments sold these shares at an average price of Rs 380.43 per share on the BSE, the exchange data shows.

Post transaction, Nettle Infrastructure Investments holding in Bharti Infratel declined to 7.67% (141.9 million shares) from 11.32%.

Bharti Airtel was trading 0.38% higher at Rs 500, after hitting an intra-day high of Rs 505 on the NSE.