Bharti Airtel shares fell 6 percent on Thursday to close at Rs.550.It was the steepest fall for the stock in four months. So what's the buzz ? The firm's chief executive, Manoj Kohli, sold his holding in the company.
He sold 123,000 shares through open market transactions on March 6 and 9, later said he had done so for personal reasons . Kohli said he is still holding 180,000 options and would continue as CEO and joint managing director.
Kohli would have got about $1.5 million for the shares he sold.The market is worried why all of a sudden the CEO had to sell his holding.Investors were jittery about such insider stake sales after recent corporate scandals, including the alleged fraud by Satyam Computer. Also, the recent TRAI announcement to cut interconnection charges is negative for them.
Technically the stock has gone down on huge volumes of more than 1cr shares on NSE and it is a important factor to watch out going forward.
Popular Posts
-
Service tax is a tax levied by the government on service providers on certain service transactions, but is actually borne by the customers.... -
Google has launched a contest to solicit ideas about how to help humanity - Google Project 10tothe100 . "To mark our 10th birthday an... -
What is Nifty Bees? Nifty BeES, the first ETF in India, was introduced by Benchmark Asset Management Company in 2002 and currently m... -
Nifty 50 PR 2x Leverage Index. Nifty 50 Price Returns 2x Leverage Index is designed to generate multiple time return of the underlying index... -
Trading holidays for the calendar year 2023. The National Stock Exchange of India (NSE) has notified trading holidays for the calendar ye...
