Bharti Airtel lost 0.21% to Rs 308.90 at 9:24 IST on BSE amid initial volatility after the company said its subsidiary has closed several ongoing major litigations in Nigeria, UK and Netherlands.
The announcement was made after market hours yesterday, 3 November 2016.Meanwhile, the S&P BSE Sensex was down 31.68 points or 0.12% at 27,398.60.
On BSE, so far 9,100 shares were traded in the counter as against average daily volume of 1.67 lakh shares in the past two weeks. The stock hit a high of Rs 310.70 and a low of Rs 306.35 so far during the day. The stock had hit a 52-week high of Rs 384.90 on 28 April 2016. The stock had hit a 52-week low of Rs 282.30 on 29 January 2016.
The large-cap company has equity capital of Rs 1998.70 crore. Face value per share is Rs 5.
Bharti Airtel International (Netherlands) BV (Airtel) and Zain Telecom (Zain) have reached an agreement, pursuant to which Zain is to pay to Airtel about $129 million for the settlement of all of Airtel's claims on account of the Nigeria Litigation, certain tax matters and associated legal costs. Under the terms of the 2010 share sale/purchase agreement, Zain had provided Airtel certain indemnities covering the Nigeria Litigation and for certain tax claims. A separate settlement has been reached between Airtel and Econet Wireless settling all claims, disputes whatsoever, between the two including in Nigeria and Netherlands. With these settlements, Airtel has closed several ongoing major litigations in Nigeria, UK and Netherlands.
On a consolidated basis, Bharti Airtel's net profit fell 4.9% to Rs 1460.70 crore on 3.4% growth in net sales to Rs 24651.50 crore in Q2 September 2016 over Q2 September 2015.
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Bharti Airtel is a leading global telecommunications company with operations in 18 countries across Asia and Africa.
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