Qatari investor selling $1.5 billion stake in Bharti Airtel

A Qatari investor is selling 5 percent stake in top Indian telecoms carrier Bharti Airtel for about 95 billion rupees, adding to the sanctions-hit Gulf nation’s recent stake sales in foreign companies. The sale comes at a time when other Qatari firms, including its sovereign wealth fund, are cutting stakes in foreign companies to raise cash and withstand pressure on the economy, which has been hit by sanctions imposed by Saudi Arabia, the United Arab Emirates, Bahrain and Egypt since early June. After accusing it of backing terrorism, a charge which Doha denies, the Gulf countries cut diplomatic and transport ties with Doha on June 5. Qatar’s sovereign wealth fund, the Qatar Investment Authority, has responded to the crisis by pumping billions of dollars into local banks to shore up their deposits.