Bharti Airtel declines 2% as board to consider fund raising

The board will meet on August 29 to consider and approve raising funds via equity, equity-linked or debt instruments or a combination

Shares of Bharti Airtel were down 4.2 per cent to Rs 587 on the BSE on Thursday led by profit-booking as well as concerns of additional share-supply after the telecom services major announced fund-raising plans.

Airtel stock has corrected almost 9 per cent from its record level of Rs 644 touched on August 16, 2021. The correction follows an over 18 per cent rally from Rs 525 levels in July. But despite the correction, it has outperformed the market in the past one month, gaining 7.9 per cent, as compared to a 5.9 per cent rise in the S&P BSE Sensex.