Bharti Airtel shares fall after losing its case in Nigeria, to pay $3 billion to Econet Wireless

The case belongs to a 2006 deal in which Celtel, a unit of Zain, bought a 65% stake in Vmobile Nigeria. Zain’s African assets were later acquired by Bharti.
Econet owned 5% in Vmobile and claims right of first refusal on Vmobile. Econet now wants over $3 billion from Bharti as damages and compensation for violation of its rights in the business after it acquired Zain’s assets for $9 billion.
Sources said, after losing its legal battle in Nigeria Bharti will have to pay $3 billion to Econet Wireless.
Bharti Airtel has 79.06% shareholder in Airtel Nigeria is not satisfied with the delivered on 14 February and will appeal against that decision at the Supreme Court of Nigeria.
Bharti Airtel lost nearly 2% on Thursday and finally closed at Rs 296.85, down Rs 6.
Sources said, Airtel Nigeria has already appealed the Supreme Court of Nigeria against the judgment of the court in the matter relating to Econet’s claim for 5% shares in Airtel Nigeria.