Bharti Airtel share price up over 6% after telco withdraws bid for RCom assets

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Published: November 18, 2019 11:47:05 AM

Bharti Airtel share price surged over 6 per cent on Monday after the telco withdrew its bid to purchase assets of Anil Ambani-led Reliance Communications.

Airtel has placed conditional bid to buy spectrum of RCom, while Bharti Infratel has submitted bids for mobile towers.Bharti Airtel The shares saw a high of 6.5 per cent from the previous close, rising as high as Rs 420.55 in the early intraday trade today.

Bharti Airtel share price surged over 6 per cent on Monday after the telco withdrew its bid to purchase assets of Anil Ambani-led Reliance Communications. The shares saw a high of 6.5 per cent from the previous close, rising as high as Rs 420.55 in the early intraday trade on NSE today. Bharti Airtel scrip is trading at Rs 410.40, up 17.35, or 4.41 per cent on NSE at the time of reporting. On Sunday, Bharti Airtel termed the decision by the committee of creditors (CoC) to extend the deadline to submit a bid on the request of Mukesh Ambani-owned Reliance Jio as ‘extremely unfair’ and ‘biased.’

Earlier last week, Bharti Airtel recorded its biggest consolidated net loss at Rs 23,045 crore for the quarter ended September on account of provisions for the license fee and spectrum usage charge based on the definition of the Supreme Court of what constitutes adjusted gross revenue. Sunil Bharti Mittal owned telco made an exceptional charge during the quarter of Rs 22,394 crore (net of tax) which comprises a charge on account of the licence fee and SUC of Rs. 16,815 crore and Rs. 11,635 crore, respectively.

Also read: Sensex jumps over 100 points, Nifty above 11,900; Bharti Airtel, SBI, Tata Motors top gainers

Meanwhile, the benchmark equity index — BSE Sensex rose over 100 points in early trade on Monday, led by gains in index heavyweight RIL and ICICI Bank amid positive cues from global markets. After hitting a high of 40,542.40, the 30-share index pared some gains to trade 72.26 points, or 0.18 per cent, higher at 40,428.95, while the broader NSE Nifty rose 17.80 points, or 0.15 per cent, to 11,913.25. Top gainers in the Sensex pack included Bharti Airtel, SBI, Tata Motors, Sun Pharma and L&T.

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