Bharti Infratel shares rally 14% post Indus Towers merger
Post the completion of the transaction, Vodafone Idea Ltd (VIL) has received cash consideration of Rs 3,760.1 crore for its 11.15 per cent shareholding in Indus Towers.
Shares of telecom infrastructure firm Bharti Infratel on Tuesday declined over 3 per cent after the company reported a 21 per cent drop in consolidated net profit for the April-June quarter.
At the BSE, it declined 3.44 per cent to Rs 187.85.
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The stock went lower by 3.34 per cent to Rs 187.75 on the NSE.
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Bharti Infratel on Monday reported a 21 per cent drop in consolidated net profit to Rs 704 crore for the April-June quarter.
The net profit stood at Rs 887 crore in the corresponding quarter of previous year, when the company had benefited from certain one-off gains with respect to operating expense reversal and certain tax-related reversal.
The company’s board also accepted resignation of D S Rawat as Managing Director and CEO with effect from August 3, 2020.
The consolidated revenues for the first quarter of FY2020-21 came in at Rs 3,505 crore, down 6 per cent year-on-year.
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