Shares of telecom infrastructure company Bharti Infratel dropped over 9 per cent after the company said its board meeting, which was slated to be held on Thursday to take final call on merger with Indus Towers, has been rescheduled.
The stock plunged 9.49 per cent to close at Rs 210.85 on the BSE. During the day, it tanked 10.98 per cent to Rs 207.35.
At the NSE, the scrip declined 8.91 per cent to close at Rs 211.95.
In terms of traded volume, 9.01 lakh shares were traded on the BSE, while over 2 crore shares changed hands on NSE during the day.
"Certain inputs that would have been required by the board for it to deliberate and take a final decision have been delayed given the current environment," the company said in a regulatory filing.
Accordingly, the said board meeting has been "rescheduled for a later date but definitely on or before the current long stop date of June 24, 2020", it added.
The board of the company was slated to meet on Thursday to take a final decision on the scheme of arrangement between Indus Towers and Bharti Infratel.
First Published: Jun 11, 2020 5:54 PM IST
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