Bharti Infratel shares down for second day; shed 4% on BSE

Extending its downtrend for the second straight session, shares of Bharti Infratel fell by nearly 4% following reports that Airtel is looking to sell 5% stake in the tower unit through an open market trade deal to raise about Rs 3,500-Rs 4,000 crore. 

The stock dipped 3.69% to Rs 372.20 on BSE. At NSE, it slipped 3.62% to Rs 372.35 apiece. The stock had fallen 2.5% in the previous session also. 

Airtel has 71.70% stake in Infratel. The company plans to sell 5% stake in Infratel, proceeds of which are likely to be used to cut debt, sources said. 

When contacted, a company spokesperson declined to comment. 

The net debt of Airtel stood at Rs 78,816 crore at the end of December 2015. 

Ahead of the launch of Reliance Jio Infocomm, Airtel is aggressively expanding its 4G footprint. The company has already acquired 4G spectrum from Aircel and Videocon to become a pan-India player in the high-speed data services market.