Bharti Airtel Declines 3.2% On Promoter Selling: Should You Buy, Sell Or Hold?
Shares of Bharti Airtel declines by over 3.2%, after Sunil Mittal-led promoter entity sold nearly 1% of the company's equity worth Rs 12,563 crore.
Bharti Airtel Share Price Today: Shares of telecom major Bharti Airtel on Friday declined by over 3.2%, after Sunil Mittal-led promoter entity sold nearly 1% of the company's equity worth Rs 12,563 crore. With this, the stock has fallen by more than 8% in the past one month.
The stock was trading at Rs 1,866 apiece on the NSE as of 10:45 am, which is 2.9% lower as compared with the previous close of Rs 1,922.6.
Indian Continent Investment Ltd, a shareholding entity led by billionaire Sunil Mittal, has launched a block deal to sell a portion of its stake in Bharti Airtel, Moneycontrol reported on Thursday citing sources.
The stake sale is at a floor price of Rs 1,862 per share, the report said. The price is at a 3.15% discount to the telecom operator's last closing price of Rs 1,922.6.
Indian Continent Investment, which sold a 0.84% stake in Bharti Airtel earlier this year, currently holds 2.47% of the firm and plans to offload around 0.8%, the report added.
Bharti Airtel Shares: Should You Buy, Sell Or Hold?
Ashish Chaturmohta, managing director of PMS at JM Financials, said, 'Our view on Bharti Airtel is positive. Today's block deal will make a good opportunity for 'buy on dips' because if you look at the quarterly earnings, the ARPU trajectory is in uptrend. We believe the ARPU (average revenue per user) is likely to go up to Rs 250, which will benefit telecom companies, especially Bharti Airtel where subscriber additions are strong."
In this quarter, Airtel's debt-to-Ebitda ratio has come to a comfortable level amid strong debt reduction, he added.
'I believe Rs 1,800-1,820 trajectory will be a big opportunity to make a long-term position in Bharti Airtel," Chaturmohta said.
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