Bharti Airtel’s rights entitlements (REs) were locked in the 40 per cent upper circuit at Rs 204.50 on the BSE on Tuesday, the first day of listing. The stock opened at Rs 191, a 31 per cent premium over its intrinsic value, which is the difference between Bharti Airtel share price and rights issue price of Rs 535. It has hit a low of Rs 151.10 in intra-day trade so far. Till 12:19 pm, around 3.90 million REs had changed hands on the counter and there were pending buy orders for 622,148 REs on the BSE, the exchange data shows.