Jio Platforms IPO effect: Bharti Airtel, Vodafone Idea shares trade on a mixed note; RIL stock gains

Shares of Bharti Airtel and Vodafone India were trading on a mixed note as India's largest IPO Jio Platforms was fully subscribed within the first 100 minutes of opening on Wednesday.

Bharti Airtel, a major competitor of Jio Platforms, saw its shares rise 2% in early deals to Rs 1910 on Wednesday as mammoth quantum of bids started trickling in for the IPO of Reliance Industries-linked telecommunications firm. The stellar investor interest in the IPO of the firm led by billionaire industrialist Mukesh Ambani's son Akash Ambani led to fizzling out of gains in the stock of Bharti Airtel in late morning deals. A correction in the broader market too led to negative sentiment around the telecom stock.

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Airtel stock slipped to Rs 1868, down 0.21% against the previous close of Rs 1872 on BSE today. Market cap of the telco slipped to Rs 11.66 lakh crore.

Shares of another industry player Vodafone Idea Ltd held on the opening level in the first twenty minutes of trade. However, the Vodafone Idea stock slipped 5% to Rs 11.75 in the late morning deals. Market cap of the telco slipped to Rs 1.27 lakh crore.  A total of 240.54 lakh shares changed hands amounting to a turnover of Rs 29.07 crore. Market cap of the telco slipped to Rs 1.27 lakh crore ion the current session.

Meanwhile, shares of Reliance Industries, Jio Platforms' parent, rose 1% to a high of Rs 1234.60 against the previous close of Rs 1202.80. Market cap of the conglomerate climbed to Rs 16.42 lakh crore.