Bharti Airtel share price saw a tumultuous session on Wednesday, March 12, as the telecom behemoth responded to the most recent events in India’s satellite internet market.
Elon Musk’s Starlink and Airtel announced a major collaboration on March 11 to launch high-speed satellite internet services in India. But Reliance Jio, backed by Mukesh Ambani, quickly followed suit and reached a comparable deal with Starlink just 12 hours later.
According to Airtel’s official announcement, the transaction is the first of its kind in India and is subject to SpaceX obtaining the required regulatory permits for Starlink. The partnership will investigate how Airtel’s market knowledge can support SpaceX’s direct-to-consumer and enterprise products, as well as how Starlink can improve Airtel’s services.”
With the goal of providing its customers nationwide with high-speed satellite-based internet, Reliance Jio announced its own collaboration with Starlink on social media on March 12.
At ₹1,690.00, Bharti Airtel share price starts the day strongly, outperforming the closing price of ₹1,662.95 a share the day before. During early trading hours, the stock even reached its highest point at ₹1,716.65.
However, as Airtel’s stock fell, the market dynamic rapidly changed. The stock has down 0.45% (to ₹7.45) at the middle of the session, reaching ₹1,655.50.
The overall state of the Indian stock market was negative, reflecting worldwide patterns impacted by recent economic events in the US and other countries.
