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Shares of the Bharti Airtel was trading lower by Rs 6.35 at Rs 341 down on reports that Econot Wireless, the South Africa based company has claimed $3.1 Billion against Bharti Airtel in a dispute over ownership of the India telecom major's Nigerian unit.
Bharti Airtel however, on Wednesday termed Econet's comments as "grossly spurious and misleading."
The telecom sector is already plagued with myriad problems. Most of these companies are saddled with massive debts. Apart from these regulatory hurdles like the recent 3G roaming pact, and excess spectrum issues have aggravated problems.
Of course falling margins and dip in average revenue per user are other concerns that have bogged down the industry.
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