Bharti Airtel, along with Airtel PP are the top losers on the BSE currently. Bharti fell 5% to Rs.661.25 where it continues to trade, with more sellers than buyers on the counter.
The stock has fallen out-of-favor today on reports that the Adani group is planning to makes its presence felt in a big way in the telecom space. This was based on news that the Adani’s are taking steps to acquire 5G spectrum. Though the Adani group said that they are acquiring the spectrum to provide a private network for airports and its ports business and not for mass telecom services, the market is not convinced.
Adani’s entry into this telecom space means another round of disruption; first it was Jio and now maybe Adani.