Shares of Indus Towers dropped by 8% on Wednesday, reaching Rs 314.70 on the National Stock Exchange (NSE). Investors are worried about how the company’s tower business might be affected after big telecom companies like Bharti Airtel and Jio Platforms (JPL) made deals with Elon Musk’s SpaceX. This partnership will bring Starlink’s fast internet services to customers in India.
Many people sold Indus Towers shares, with more than 1.2 crore shares traded around 2 pm. Bharti Airtel’s shares also lost some value after news broke that SpaceX is collaborating with Jio too. Airtel shares were priced at Rs 1,635.70, down by Rs 27.25, or 1.64%.
This collaboration is important because Airtel, led by Sunil Mittal, has previously had disagreements with Starlink about costs and fees. Additionally, Airtel is the biggest investor in Starlink’s competitor, Eutelsat OneWeb, owning a 21.2% stake. OneWeb is waiting for permission to operate in India.
Airtel’s Managing Director, Gopal Vittal, called the deal with SpaceX a big step forward and expressed that it shows Airtel’s commitment to improving satellite internet for customers. This partnership will help Airtel provide better broadband services in India.
JPL’s deal with SpaceX will help launch Starlink’s satellite internet in India, likely changing the game for the satellite communication market in the country. This agreement still needs SpaceX to get approvals to sell Starlink in India. Jio and SpaceX are looking at how Starlink can expand Jio’s services and how Jio can help SpaceX reach customers better.
(Disclaimer: The opinions and views expressed in this article are those of the experts and do not represent the views of Thellv.news)
Leave a Reply