Shares of Bharti Airtel rose as much as 4.5 per cent to Rs 360.90, marking their biggest intra-day percentage gain in over two months

At about 11.40 am, the stock was up Rs 11.65 or 3.37 per cent at Rs 357.15.

The company's subscriber additions, as well as growth in Africa business helped, although it reported its smallest quarterly profit in over four years on Tuesday amid strong competition.

“Subscriber churn is down, subscriber additions is healthy, Africa has surprised positively,” said Naval Seth, Equities Research Analyst, Emkay Global Financial Services.

Net additions in mobile services in India stood at 7.8 million during the quarter.

Africa revenues rose 2.6 per cent in constant currency, Airtel said.