Airtel under ED scan, shares down
16 May 2012 6:33 AM GMT
The shares of Bharti Airtel fell by five per cent on Tuesday but recovered most of the losses to end one per cent down, after the government said that the Enforcement Directorate was probing money laundering cases against the telecom major.
The company’s shares skidded 5 per cent to touch a low of Rs 291.90 during the day on the Bombay Stock Exchange. But, later the stock pared most of the losses and settled at Rs 303.50, down 1.28 per cent.
At the National Stock Exchange, the scrip closed 0.91 per cent lower at Rs 304.95.
The Enforcement Directorate is investigating cases under the provisions of the Prevention of Money Laundering Act, 2002, and the Foreign Exchange Management Act, 1999, involving Bharti Airtel, Minister of State for Finance S S Palanimanickam informed the Rajya Sabha on Tuesday.
Meanwhile, a Bharti Airtel spokesperson said the company is in compliance with all norms. 'Bharti Airtel maintains the highest standards of corporate governance and regulatory compliance and has always complied will all norms.
'We have provided all relevant details asked for by the authorities in this matter and will be happy to cooperate further, should the need arise,’ he added.
The company’s shares skidded 5 per cent to touch a low of Rs 291.90 during the day on the Bombay Stock Exchange. But, later the stock pared most of the losses and settled at Rs 303.50, down 1.28 per cent.
At the National Stock Exchange, the scrip closed 0.91 per cent lower at Rs 304.95.
The Enforcement Directorate is investigating cases under the provisions of the Prevention of Money Laundering Act, 2002, and the Foreign Exchange Management Act, 1999, involving Bharti Airtel, Minister of State for Finance S S Palanimanickam informed the Rajya Sabha on Tuesday.
Meanwhile, a Bharti Airtel spokesperson said the company is in compliance with all norms. 'Bharti Airtel maintains the highest standards of corporate governance and regulatory compliance and has always complied will all norms.
'We have provided all relevant details asked for by the authorities in this matter and will be happy to cooperate further, should the need arise,’ he added.
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