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Bharti Airtel stock tumbles 5% after Adani Group enters race for telecom spectrum

Bharti Airtel stock tumbles 5% after Adani Group enters race for telecom spectrum

Shares of Bharti Airtel fell up to 4.89 per cent to Rs 661.25 against the previous close of Rs 695.25 on BSE. Market cap of Airtel fell to Rs 3.64 lakh crore.

Stock of Reliance Industries, the parent company of Reliance Jio, was trading 0.52 per cent lower at Rs 2,379 in early trade. Stock of Reliance Industries, the parent company of Reliance Jio, was trading 0.52 per cent lower at Rs 2,379 in early trade.

Bharti Airtel stock was the top Sensex loser today after the Adani Group confirmed its entry into the race to acquire telecom spectrum. The spectrum will be used to create a private network to support its businesses from airports to power as well as data centres.

Shares of the country's leading telecom players were under pressure in early trade with Bharti Airtel leading the losses.

Bharti Airtel stock fell up to 4.89 per cent to Rs 661.25 against the previous close of Rs 695.25 on BSE. Stock of Reliance Industries, the parent company of Reliance Jio, was trading 0.52 per cent lower at Rs 2,379 in early trade.

Also read: Adani group confirms entry into telecom spectrum race

On the hand, shares of Adani Enterprises, the Adani Group's flagship entity, rose up to 2.04 per cent to Rs 2,339.80 on BSE.

Shares of Bharti Airtel are trading lower than 5-day, 20-day, 50-day, 100-day and 200-day moving averages. The stock has gained 24 per cent in a year but lost 2.74 per cent in 2022.

Market cap of Airtel fell to Rs 3.64 lakh crore on BSE.

"As India prepares to roll out the next generation of 5G services through this auction, we are one of the many applications participating in the open bidding process," the Adani Group said.

"We are participating in the 5G spectrum auction to provide private network solutions along with enhanced cyber security in the airport, ports and logistics, power generation, transmission, distribution, and various manufacturing operations," the statement said.

Published on: Jul 11, 2022, 10:56 AM IST
Posted by: Aseem Thapliyal, Jul 11, 2022, 10:43 AM IST