AAF.L is trading 5% down at £351.00, continuing a sharp decline that began earlier in the week. The drop follows the announcement that its majority shareholder, Bharti Airtel, would increase its stake by purchasing shares at a discount.
- On Wednesday, May 13, Bharti Airtel confirmed it would acquire shares at a discount, causing Airtel Africa's stock to slump 13% that day.
- The stock has experienced significant volatility this week, falling from a high above £420 to the current £350s.
- The selling pressure today is a continued reaction to the news of the discounted share purchase by its parent company.