Bharti Airtel surges 6% on plans to raise foreign investment limit

MUMBAI: Shares of Bharti Airtel jumped a little over 6% on Wednesday after the company said it will begin the process of revising its foreign investment limit to 100%, effective immediately.

At 11:00 am, the stock traded at ₹587 apiece on the BSE, up 3.7% from its previous close, while the benchmark Sensex was up 0.2% at 49633.74.

“Further to our intimation dated January 21, 2020, we wish to inform you that in compliance of the FDI approval dated January 20, 2020, granted to the company by the Department of Telecommunications, the company has received approvals for its relevant downstream investments. Accordingly, the company is initiating the process to revise its foreign investment limit, as notified to its depositories, to 100 per cent with immediate effect,” the company said in a filing to the stock exchanges after market hours on Tuesday.