Bharti Airtel’s shares slide 3% on reports of block deal worth Rs 8,500 crore

Bharti Airtel’s share price declined 2.9% to an intra-day low of Rs 1,812.50 on the National Stock Exchange. According to media reports, Singapore Telecommunications, better known as Singtel, is likely to sell almost 5 crore shares or 0.8% of the telecom major via block deals through its arm, Pastel. The transaction size is estimated to be around Rs 8,500 crore ($1 billion), reported CNBC-TV18, citing sources.

The expected floor price of the deal is Rs 1,800 per share, representing approximately a 3.6% discount from Bharti Airtel’s Thursday closing price.