Bharti Airtel Ltd’s shares has slipped 5.4 per cent in the early deals on Tuesday after the telecom firm’s promoter sold 152 million shares in a block deal. Details of buyers were not available.

At 9:40 am, after hitting a low of Rs 561 a piece on the BSE, the shares of Bharti Airtel recouped some of the losses and traded 3.3 per cent lower at Rs 573.45. On Monday, Bharti Telecom Ltd, promoter of Bharti Airtel, announced selling stake worth $1 billion in the mobile operator. The block deal involving 2.75 per cent stake sale would be conducted at around  Rs 558 per share, implying around 6 per cent discount from its Friday’s close price, Livemint reported. The stake sale aimed to reduce debt, it added. Stock markets were closed on Monday on account of Eid-Ul-Fitr.

Bharti Airtel shares hit an all-time record high after it reported a 14 per cent increase in user revenue in March quarter. The telecom operator raised $3 billion in January from the sale of shares and convertible bonds to help pay additional airwave and license fees after telecom operators lost a court case.

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