Shares of Bharti Airtel
were trading 1% lower on Monday after media reports stated that the company has agreed to reduce its stake in its Tanzania unit to 51% from 60% after months of negotiations with the Tanzanian government.
According to media sources, the company made an announcement after having conversations in Dar es Salaam with President John Magufuli to resolve a dispute over the ownership of the Tanzanian mobile operator. The company has not provided the value of the share transfer deal.
In 2017, Magufuli had claimed that the state-run Tanzania Telecommunications Company Ltd (TTCL) owned the local subsidiary of Bharti Airtel outright but had been cheated out of shares. However, Bharti Airtel had disputed this, stating it received all the required approvals from the state when it bought the 60% stake and had complied with all government rules at the time.
Bharti Airtel Ltd's share price is currently at Rs331.80, down by Rs2.25 or 0.67%, from its previous close of Rs334.05 on the BSE.
The scrip opened at Rs334.05 and has touched a high and low of Rs334.10 and Rs317.95, respectively. So far, 6,59,503 (NSE+BSE) shares have been traded on the counter. The current market cap of the company is Rs1,33,533.15cr.