Delhi HC stays penalty against Bharti; shares recover

Continuing its fall for third consecutive session, country's largest telecom operator Bharti Airtel  slipped more than 3 percent intraday on Monday after media reports indicated that the company is likely to face another show cause notice for sharing its 3G airwaves with Vodafone and Idea.   

The report quoting telecom department officials said Bharti would also be asked to pay an additional penalty of Rs 500 crore for the alleged violation.

On Friday, the Department of Telecommunications (DoT) ordered Bharti Airtel to stop providing 3G roaming services outside of its licensed zones (Kolkata, Maharashtra, Gujarat and four other regions). The DoT also imposed a penalty of Rs 350 crore (Rs 50 crore each for seven circles).

Meanwhile, shares recouped some losses after Delhi High Court put a stay on Rs 350 crore penalty against the company.

Court said Bharti Airtel would continue 3G services as per intra-circle roaming pacts. The company has been asked to submit 3G revenue details to court and to keep 3G revenue in separate bank account.

At 13:06 hours IST, the stock was down 0.63 percent to Rs 309.10 on Bombay Stock Exchange.

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