Bharti Airtel shares fall after equity worth ₹12,563 crore changes hands

The floor price of the deal was set at ₹1,862 per share, as per sources. A 90-day lock-in period would apply, as part of the transaction terms.

At the end of the June quarter, promoter Bharti Telecom Ltd. held 40.47% stake in the company. Promoter groups Indian Continent Investment Ltd. and Pastel Ltd. held 2.47% and 8.32% stake in Bharti Airtel Ltd., respectively.
Bharti Airtel reported a consolidated net profit of ₹5,948 crore in the June quarter, which was below estimates of ₹6,188.3 crore. On a sequential basis, its net profit declined 46% from ₹11,021.8 crore.The telecom major’s consolidated revenue stood at ₹49,462 crore in the June quarter. This was 3.3% more than the previous quarter’s ₹47,876.2 crore.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) of ₹27,839 crore was above estimates of ₹27,537 crore. It was also 3.1% higher than the previous quarter’s ₹27,008.8 crore. Its EBITDA margin contracted slightly to 56.3% from 56.4% in the prior quarter.

Bharti Airtel shares were down 2.64% at ₹1,871.9 apiece at 9.30 am. The stock has gained 17.3% this year, so far.

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