Shares in MTN, a leading mobile phone operator in emerging markets, yesterday hit a record high after India's Bharti Airtel confirmed it was in talks that could lead to it buying a controlling stake in the Johannesburg-listed company.

MTN's shares closed up almost 7 per cent at R160 after Bharti said it had entered "exploratory discussions" with the company, which has mobile businesses in Africa and the Middle East. Bharti's shares fell more than 5 per cent to close at Rp846.35, as investors signalled their concern about a possible deal.