Bharti Airtel shares on Tuesday came under intense selling pressure and ended nearly 5 per cent lower after a
Delhi court summoned as accused its Chairman Sunil Bharti Mittal in additional spectrum allocation case.
Following the dip in the stock, the market value of the telecom major tumbled Rs 5,544 crore to Rs 1,11,419 crore.
After
plunging 7.69 per cent during the day, Bharti Airtel's scrip finally ended the day at Rs 293.40, down 4.74 per cent from its previous close on the Bombay Stock Exchange (BSE).
At the National Stock Exchange also the stock settled 4.39 per cent lower at Rs 294.
A Delhi court summoned as 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 Central Bureau of Investigation
(CBI) in its chargesheet 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.
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