MTNL ended lower by 3.6% or Rs 3 at Rs 87 on the BSE. The counter clocked a volume of around 316,119 shares.
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MTNL is trading down 1.7% or Rs 1.60 points at Rs 89. The stock opened at Rs 89, and has hit a high of Rs 91 and a low of Rs 88 during the day.
MTNL and BSNL have jointly expressed interest in the acquisition of a majority stake in Kuwait's biggest phone company, Zain.
Last month, Kharafi, a major shareholder in Zain, had said it would sell its 20 per cent stake and an additional 26 per cent from other stakeholders to the consortium. The deal was estimated at $13.7 billion.
Given the fact that MTNL is a loss-making company, this move is likely to make a further dent on its balance-sheet.