Bharti Airtel dives 1% on likely weak listing of tower arm
Country's largest telecom operator Bharti Airtel fell more than 1 percent in early trade ahead of listing of its subsidiary Bharti Infratel. The stock touched an intraday low of Rs 314 on the Bombay Stock Exchange.
December 28, 2012 / 09:40 IST
Country's largest telecom operator Bharti Airtel fell more than 1 percent in the early trade, ahead of listing of its subsidiary Bharti Infratel. The stock touched an intraday low of Rs 314 on the Bombay Stock Exchange.
Telecom tower infrastructure service provider Bharti Infratel is going to list its equity shares today on the BSE and NSE. Investors look sceptical about the listing of tower company as sources say the issue was trading at a discount in the grey market. The response to the issue from retail investors & HNIs was very poor.SP Tulsian of sptulsian.com says, "I am expecting listing to happen below Rs 200 because if you see the dull response by the HNIs and the retail their interest will not be too much seen in the stock. They will not be coming in to buy even at lower levels. The kind of subscription, which we have seen from the institutional investors, even they will not be interested in hiking their stake or making the renewed buying in the company."Bharti Infratel has fixed issue price at Rs 220 for QIBs and HNIs while Rs 210 for retail investors.At 09:28 hours IST, Bharti Airtel slipped 1.11 percent to Rs 315.10. Market capitalisation of the company currently stands at Rs 119,660.17 crore.Also Read
Bharti Infratel to list on Dec 28: Will it hold IPO price?
Bharti Infratel may list below Rs 200, says SP Tulsian Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
