Bharti Infra falls like a tower

Bharti Infratel is amongst the top losers on the BSE currently. It is down almost 3.5% at Rs.457 levels with an intra day low of Rs.454. The company’s 52-week low is at Rs.233.90, hit on 23rd June 2014.

The company, subsidiary of Bharti Airtel is upset that the deal to sell its tower assets in Africa did not work out; the deal apparently fell off due to valuations. Airtel was asking for Rs.3000 to 34000 crore while Helios was offerinf around Rs.2500-2600 crore.

This deal was made in July 2014, where a total of 3100 towers in four African countries – Democratic Republic of Congo, Republic of Congo, Tchad and Tanzania. Today, the two agreements for Tchad and Tamzania stands cancelled while negotiations of the other two continue.

The market is obviously disappointed as it was hoping that the sale of these towers would bring in the much needed money to pare its mammoth debt of Rs,60,000 crore.