Airtel under ED scan: Shares bear brunt

Shares of Bharti Airtel today fell by 5% but recovered most of the losses to end 1% down.

Shares of Bharti Airtel today fell by five per cent but recovered most of the losses to end 1 per cent down,after the government said Enforcement Directorate (ED) was probing money laundering cases against the telecom major.

The company’s shares skidded 5 per cent to touch a low of Rs 291.90 during the day on the BSE. But,later the stock pared most of the losses and settled at Rs 303.50,down 1.28 per cent.

At the NSE,the scrip closed 0.91 per cent lower at Rs 304.95.

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Enforcement Directorate (ED) is investigating cases under the provisions of Prevention of Money Laundering Act,2002,and Foreign Exchange Management Act,1999,involving Bharti Airtel,Minister of State for Finance S S Palanimanickam informed the Rajya Sabha today.

Meanwhile,a Bharti Airtel spokesperson said the company is in compliance with all norms.

“Bharti Airtel maintains the highest standards of corporate governance and regulatory compliance and has always complied will all norms.

“We have provided all relevant details asked for by the authorities in this matter and will be happy to cooperate further,should the need arise,” he added.

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In the broader market,the BSE barometer Sensex closed at 16,328.25,up 112.41 points.

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