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Bharti Airtel plunges 5 percent; m-cap down Rs 5,544 crore

Publish Date: 19 Mar 2013, 07:28 PM
Last Updated: 19 Mar 2013, 07:28 PM
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Bharti Airtel shares plunge 5 percent
Bharti Airtel shares plunge 5 percent

Mumbai: Shares of Bharti Airtel on Tuesday came under intense selling pressure and ended nearly 5 percent lower after a Delhi court summoned as accused its Chairman Sunil Bharti Mittal in additional spectrum allocation case.
    
After plunging 7.69 percent during the day, Bharti Airtel's scrip finally ended the day at Rs 293.40, down 4.74 percent from its previous close on the BSE.
    
At NSE also the stock settled 4.39 percent lower at Rs 294. Following the dip in the stock, the market value of the telecom major tumbled Rs 5,544 crore to Rs 1,11,419 crore.
    
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 NDA 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 CBI, 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 to the exchequer.

(Agencies)

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