Mumbai: Shares of Bharti Airtel fell by nearly 3 per cent on Wednesday after the company called off its plans to acquire business and assets of Loop Mobile. Stocks of the telecom major fell by 2.70 per cent to settle at Rs 385.30 on the BSE.
During the day, it lost 3.33 per cent to Rs 382.80. At the NSE, it was down 2.29 per cent to end at Rs 386.70. In terms of volume, 4.77 lakh shares of the company were traded at the BSE, while over one crore shares changed hands at the NSE during the day.
Bharti Airtel has called off its plans to acquire business and assets of Mumbai based Loop Mobile, for about Rs 700 crore, as the Department of Telecom is yet to clear the deal.
"Loop Mobile and Bharti applied to DoT for approval of the business transfer in March 2014. The approval for the transaction is still awaited from the relevant authorities as a result of which Bharti Airtel has withdrawn from the proposed transaction causing huge loss to the company," Loop Mobile spokesperson said.
DoT is yet to give clearance to the deal as it estimates that Loop Mobile and its sister concern Loop Telecom owe about Rs 808 crore in spectrum and other charges to the government.
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