Home / Market Beat / Bharti down on Econet damage claims. Sesagoa denies freezing of accounts

Bharti down on Econet damage claims. Sesagoa denies freezing of accounts

Shares of Bharti Airtel Ltd., one of the largest telecom players in India, fell over by 4% today after the South Africa based Econet Wireless has issued a statement that it is seeking $3.1 billion as damages in a dispute over the ownership of the Nigerian unit.

Bharti has however maintained that it had no details about the Econet seeking damages. It has also termed that the claims were “grossly untrue and misleading”. It is reported as saying “… All such baseless claims are bound to be fully rejected. We have full faith in the Nigerian legal system.”

Meanwhile, the Sesagoa stock is again in news, after the company has claimed that none of its accounts have been frozen by the IT dept. Earlier there were reports in some of the media that the accounts of the iron ore major Sesagoa have been seized and frozen by the IT dept. The company has come out with a clarification today stating that “In respect of media reports as to freezing of Sesa Goa‟s bank accounts by
Income Tax Department, the Company clarifies that at present no account of the Company stands frozen. The Income Tax Department had raised a demand for Rs. 246 crores disallowing certain claims of the Company in December 2011 during regular assessment proceedings”

Sesagoa is also in action as the Vedanta group is supposedly planning for a merger of the company with Sterlite. Stocks of the Sterlite industries, have fallen over 4% in today’s trade.

Back in the Indian markets, the Nifty continues to trade flat. At 2 PM, the Nifty was at 5513, up by 8 pts or +0.16%

JP Associates has fallen over 4.5%. Reliance Capital has also seen a decline of 4.6%.

Powergrid has gained 3%, while Hindustan Petroleum (HINDPETRO) is up by 3.4%.



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