Bharti Airtel Share Price Declines 3% After Shares Worth Rs 7,400 Crore Exchange Hands

The stock price of Bharti Airtel Ltd. fell as much as 3 per cent to hit an intra-day low of Rs 2,100 apiece after shares worth Rs 7,400 crore exchanges hands via multiple bock deals on Wednesday, November 26.

This is the second block deal by the telecom giant in three weeks.

At the end of the September quarter, Indian Continent Investment Ltd. held 1.48 per cent stake in the New-Delhi headquartered firm, as per data available on the stock exchanges.

In the previous block deal, Bharti Airtel witnessed the exchange of 5.1 crore shares. Singtel was the seller in that transaction, and it garnered Rs 10,800 crore by selling up to 0.8 per cent stake.

In the quarter ended September, Bharti Airtel reported a consolidated net profit of Rs 6,791 crore, signalling a 14.2% from the previous quarter's Rs 5,948 crore.

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Its revenue increased 5.4 per cent sequentially to Rs 52,145 crore, higher than Street expectations of Rs 51,006 crore. Its earnings before interest, tax, depreciation and amortisation (EBITDA) surged 6.2 per cent from the previous quarter to ₹29,561 crore, while its EBITDA margin improved slightly to 56.7 per cent from 56.3 per cent in the previous quarter.

As of 9:59 AM, Bharti Airtel had declined 1.84 per cent to Rs 2,121 apiece.