InvestorQ : Why was Bharti Airtel the top loser on the stock market on 26 May? Was there any announcement?
Tisha Malhotra made post

Why was Bharti Airtel the top loser on the stock market on 26 May? Was there any announcement?

Answer
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Moii Chavate answered.
5 months ago


The sharp correction was due to the huge block deal in which the promoter of Bharti Airtel, Bharti Telecom, sold close to 10 crore shares at a valuation of close to Rs.6000 crore. That heavy selling by the promoter group led to the sharp sell-off by the stock markets leading the stock to correct by nearly 6% on Tuesday. Normally, markets tend to react negatively when the promoters sell a large chunk. Also, in the case of Bharti, the stock has rallied nearly 50% in the last 2 months and has now emerged as the fifth most valuable company on the NSE after RIL, TCS, Hindustan Unilever and HDFC Bank.