Telcos stocks dip on back of Google-Jio deal; experts say Airtel to gain from 4G acceleration

Shares of Vodafone Idea plummeted almost 15% to trade at Rs 7.36 while those of rival Bharti Airtel dipped by 0.77% to Rs 559.80 in the morning trading hours on Thursday. The fall was on the back of Google picking up 7.73% stake in Jio Platforms for Rs 33,737 crore.

The shares of Jio’s rivals were hit because Google’s announcement means that chances of Airtel and Vodafone Idea getting any investment from the internet major now look slim, say experts.

In comparison, Jio’s parent Reliance Industries’ stocks were marginally up by 0.28% at Rs 1850.70 on the BSE in the morning trading hours.