Bharti Airtel shares hit 52-week high as DoT approves 100% FDI in the company

The company earlier had an FDI cap of up to 49 per cent.

The scrip of the telecom company rose as much as 2.47 per cent to Rs 524.00 on the BSE while on NSE it climbed 2.34 per cent to Rs 523.75, both 52-week high in their respective bourses.

However, the stock could not hold on to the gains for long and turned negative within an hour of the opening bell. At 10:15 am, the stock was trading at Rs 510.35, down Rs 1.00 (0.20 per cent) on the BSE and Rs 510.45, down Rs 1.30 (0.25 per cent).

In terms of trade volumes, over 2.09 lakh shares of Bharti Airtel have been traded so far on the BSE in the intraday, and over 81.64 lakh shares exchanged hands on the NSE.

In an exchange filing to the BSE, Bharti Airtel wrote, “the Company has received the approval from Department of Telecommunications (DoT) vide its letter dated January 20, 2020 for increasing the limit of foreign investment upto 100 per cent of the paid up capital of the Company.”

Leave a Reply

Your email address will not be published. Required fields are marked *