Bharti Infratel tanks as OFS opens

After Bhushan Steel, Bharti Infratel is the second big loser on the BSE currently. The stock which had been hitting new highs on 4^th and 5^th of August, is today deep in the red, down 6% at Rs.254, with an intra day low at Rs.253 levels.

The stock is ‘technically’ reacting to the opening of the Offer for Sale (OFS) which opened today. To comply with SEBI’s norm of minimum 25% public holding, its promoter, Bharti Airtel is selling 4.5 crore shares at a floor price of Rs.250/share. The stock had closed yesterday at Rs.272 and the market is disappointed with this over 8% discounted OFS price.