Airtel shareholders lose N282bn as firm’s valuation drops by 10%

Airtel Africa’s shareholders lost N282.98 billion on Tuesday as the company’s market valuation crashed at the end of trading at the Nigerian Stock Exchange (NSE).

The telecommunications company’s value was down by 10 percent after its market capitalisation dropped to N2.54 trillion at the close of business.

This was lower than the previous N2.83 trillion as some investors engaged in massive sell-off of their shares in the company.

This triggered high trading activities on Airtel Africa’s stock at a cheaper price.

READ ALSO: Airtel Africa to lose $14m to naira devaluation

1,997 shares were sold at N753.3 per share on Monday.

The mobile network’s shares increased to 100,673 on Tuesday.

However, these were sold at N678 per share on the floor of the capital market.

Lekan Fakoyejo

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