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Shares of Bharti Airtel Ltd plunged 2 percent in early morning trade after a huge block deal of a 1.8 percent stake, according to a report in Bloomberg.

Sources told CNBC-TV18 that around 104 million shares worth Rs 7,906 crore changed hands in three trades at Rs 750 apiece.

At 10:05 am, shares of Bharti Airtel were trading at Rs 750, a decline of 1.37 percent from the previous close on the BSE.

Reuters reported in August that Singapore Telecommunications or Singtel would sell a 3.3 percent stake in Airtel to Bharti Telecom Ltd (BTL) for $1.61 billion. Southeast Asian giant Singtel said its units Pastel and Viridian will sell 198 million shares in India's second-largest telecom company.

Following the stake buy, the direct shareholding of Singtel and Bharti in Airtel will be at around 10 percent and 6 percent, respectively, according to the telco’s regulatory filing.

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"Bharti and Singtel have agreed to work towards equalising their stake in Airtel over some time," the filing said. BTL will spread such acquisitions to maintain a comfortable level of leverage.

Bharti Enterprises and Singtel have been in a partnership for over 20 years. “Over these years, Bharti Airtel Limited (Airtel) has not only acquired a strong pan-India leadership position but has also expanded to 16 more countries in Africa and South Asia,” the firm said in its filing.

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First Published:Sept 7, 2022 10:38 AM IST