Millennium Post

shares decline 6% on Rs 650-cr penalty report

Shares of Bharti Airtel on Wednesday fell 6 per cent amid reports that the government is learnt to have approved levying of Rs 650-crore penalty on the company for violating roaming norms in 13 service areas between 2003 and 2005.

The telecom major’s scrip settled for the day at Rs 278.45, down 5.74 per cent from its previous close on the BSE. In the intra-day trade, stock tumbled 6.19 per cent to Rs 277.10.

On the NSE, the stock lost 5.91 per cent to close at Rs 277.85.

The scrip was the top loser among blue-chips ‘Bharti Airtel toppled down by almost 6 per cent today, after the DoT placed a Rs 650-crore fine on the company for violating roaming policies,’ said Rakesh Goyal, Senior vice president, Bonanza Portfolio Ltd.
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