Airtel's second quarter net profit was its smallest in 19 quarters and its sixth consecutive drop in quarterly profit.
The sale is being carried out through stock market transactions at a price range of Rs 473-490 each, at a discount of 4.7-8 per cent to the stock's closing price on Tuesday, according to stock market data.
Bharti Airtelshares fell nearly 6 per cent as more than 243 million shares changed hands in multiple block deals, according to reports. The QFE Group will reinvest the proceeds globally, as we continue to grow and diversify our portfolio.
Bharti Airtel's share price plunged as much as 6 percent Wednesday after multiple block deals worth over Rs 10,000 crore, in early trade. "Bharti Airtel has successfully maintained its market-leading position, and its positive momentum has led to our investment performing well", Rashid Al-Naimi, Chief Executive Officer of QFE said.
Qatar Foundation Endowment had acquired the 5 per cent equity stake in Bharti Airtel for Rs 6,796 crore way back in 2013. A Bharti Airtel spokesperson declined to comment on the stake sale by the Qatari investor.
The stake sale comes amid disruptive developments in both countries.
Qatar had to redeploy some of its foreign assets to bolster the local economy and banking system after Saudi Arabia, the United Arab Emirates and Bahrain cut diplomatic ties on June 5 and withdrew deposits, accusing the sheikdom of funding terrorism.
The share price of Airtel surged to new highs recently as the telecom sector is approaching stabilisation with Reliance Jio increasing tariffs.
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