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Rediff.com  » Business » Bharti Airtel plunges 5%; m-cap down Rs 5,544 cr

Bharti Airtel plunges 5%; m-cap down Rs 5,544 cr

March 19, 2013 18:44 IST

AirtelShares of Bharti Airtel on Tuesday came under intense selling pressure and ended nearly 5 per cent lower after a Delhi court summoned as accused its Chairman Sunil Bharti Mittal in additional spectrum allocation case.

After plunging 7.69 per cent during the day, Bharti Airtel's scrip finally ended the day at Rs 293.40, down 4.74 per cent from its previous close on the BSE.

At NSE also the stock settled 4.39 per cent lower at Rs 294.

Following the dip in the stock, the market value of the telecom major tumbled Rs 5,544 crore (Rs 55.44 billion) to Rs 1,11,419 crore (Rs 1,114.19 billion).

A Delhi court on Tuesday summoned as accused chairman-cum-managing director of Bharti Cellular Ltd Sunil Bharti Mittal, Essar Group promoter Ravi Ruia and five others in a case relating to alleged irregularities in allocation of additional spectrum to Airtel and Vodafone during the National Democratic All regime.

Besides Mittal and Ruia, the court issued summonses against Asim Ghosh, who was the then managing director of accused firm Hutchison Max Telecom Pvt Ltd and former Telecom Secretary Shyamal Ghosh for April 11.

The Central Bureau of Investigation, in its charge sheet, has named the three telecom companies, including Bharti Cellular as accused in the case in which DoT had allegedly allocated additional spectrum resulting in a loss of Rs 846 crore (Rs 8.46 billion) to the exchequer.

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