Bharti slips 3.5% on $3.1bn damages claim by SA firm
SI Reporter / Mumbai Feb 23, 2012, 09:40 IST
Bharti Airtel has slipped 3.5% at Rs 335 in opening trades on reports that the South Africa-based Econet Wireless is seeking around $3.1 billion in damages from the company in a dispute over ownership of the Indian group's subsidiary Airtel Nigeria.
“The move follows a Nigerian court ruling on January 30 that Bharti Airtel's ownership of Airtel Nigeria is "null and void" because co-founder and 5% shareholder Econet was not consulted on the transfer," the report suggests.
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