Adani will be involved in the race for 5G, the shares of the competitor company broke as soon as the news was stamped
Gautam Adani will soon enter the telecom sector. Adani Group has applied to participate in the 5G spectrum auction to be held later this month. In the race for 5G spectrum auction, the Adani Group will face direct competition with Mukesh Ambani’s Reliance Jio (JIO) and veteran Sunil Bharti Mittal’s Airtel. As soon as this news came, shares in Airtel saw a huge fall on Monday. The company’s shares fell up to 5% in early trading.
Adani Group has confirmed
Shares of Bharti Airtel are trading with the biggest fall in Sensex today after Adani Group confirmed its entry in the race to acquire telecom spectrum. Shares of Bharti Airtel are trading at Rs 662.40, down 4.72% on BSE. Shares of the country’s major telecom companies were under pressure in early trade and Bharti Airtel was the biggest loser. Shares of Bharti Airtel fell 4.89 per cent to Rs 661.25 from the previous close of Rs 695.25 on the BSE. Bharti Airtel shares are trading below the moving averages of 5 days, 20 days, 50 days, 100 days and 200 days. The stock has gained 24 per cent in one year but declined by 2.74 per cent in 2022. Airtel’s market cap fell to Rs 3.64 lakh crore on the BSE. At the same time, the stock of Reliance Jio’s parent company Reliance Industries was trading at Rs 2,379, down 0.52 per cent in early trade. On the other hand, shares of Adani Enterprises, the flagship unit of Adani Group, rose 2.04 per cent to Rs 2,339.80 on the BSE.
What is Adani’s plan?
Adani Group will use the spectrum to build a private network to support its businesses from airports to power and data centers. “India prepares to launch next generation 5G services through this auction, and we are one of the many applications participating in the open bidding process,” the Adani Group said in an official statement. “We are participating in the 5G spectrum auction to provide enhanced cyber security as well as private network solutions in airports, seaports and logistics, power generation, distribution and various manufacturing operations,” it added.
