Bharti scrip sinks 3.19 percent in afternoon trade

Mumbai, Feb 16 (Calcutta Tube) Telecom operator Bharti Airtel’s scrip fell 3.19 percent during afternoon trade Tuesday, after plummeting over 9 percent the previous day as investors continued to speculate on the burden a $10.7 billion acquisition it has planned.

At the Bombay Stock Exchange, the Bharti scrip was trading at Rs.276.30, a fall of 3.19 percent from its previous close.

The Sunil Mittal-controlled Bharti Airtel had said Monday it was in exclusive talks to acquire Kuwait telecom company Zain’s assets in Africa for $10.7 billion.

Traders had thereafter dumped Bharti stock, which ended Monday over 9 percent lower at Rs.285.40, on fears that the proposed acquisition could strain the company’s finances.

The proposed takeover will not include Zain’s assets in Morocco and Sudan, the company said about the bid — its third attempt to enter the African market after twice failing to enter into a merger pact with South Africa’s MTN.

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