Airtel shares jump nearly 6%; m-cap swells by Rs 6,656 crore

The telecom major stock was the top gainer on both Sensex and Nifty during the day

Shares of telecom operator Bharti Airtel on Monday surged nearly 6% after the company acquired 4.2% stake held by Econet Wireless in its Nigerian arm.

The stock soared 5.53% to end at Rs 317.50 on BSE. During the day, it zoomed 6% to Rs 319.20.

At NSE, it jumped 5.91% to close at Rs 318.80.

The stock was the top gainer on both Sensex and Nifty during the day.

The company added Rs 6,656.45 crore to Rs 1,26,917.45 crore in its market valuation.

On the volume front, 3.12 lakh shares of the company were traded on BSE and over 44 lakh shares at NSE during the day.

 

"Bharti Airtel International (Netherlands) BV through its wholly owned subsidiary has completed the acquisition of Econet Wireless Limited's entire 4.2% shareholding in Airtel Nigeria. As a result, Airtel's overall holding in Airtel Nigeria has increased to 83.25%," Airtel said in a statement on Saturday.

Though financial details of the deal were not disclosed, Econet had valued the stake at $3 billion.