Bharti Airtel shares shed 3.69 per cent to close at Rs 300.45 a share on Monday on the Bombay Stock Exchange (BSE), while the benchmark index SENSEX lost 0.38 per cent to end trading at 19,244.42 points.

Bharti Infratel, a subsidiary of the country's biggest network provider Bharti Airtel, also announced that it had fixed the IPO price at Rs 220 and Rs 2010 per share for institutional and retail investors, respectively.

The tower subsidiary raised nearly Rs 4,118 crore from the public issue. Anchor investors invested Rs 651 crore.

The issue was subscribed 1.3 times. While domestic institutions and retail investors didn't show much enthusiasm, foreign investors made huge investments. The qualified institutional investor (QIB) part of the issue was subscribed 2.84 times. But, the non-institutional investor segment was undersubscribed 29 per cent, while the retail investor segment remained undersubscribed 19 per cent.

The price range of the issue valued the tower company at 45-50 times of its 2013-14 expected earnings and at 10-12 times on enterprise value/Ebitda basis.

Bharti Airtel, which holds nearly 86 per cent stake in Bharti Infratel, has not participated in the share sale.