Airtel shares drop by 5% as Adani forays into the 5G spectrum bid

The shares of AEL (Adani Enterprises) gained a 2% hike on intra-day trading at a high of Rs 2,338.45 ($29) on the BSE (Bombay Stock Exchange) recently.

The share price jumped owing to speculations that suggested that the Adani Group is all set to be a part of 5G auctions.

The stock was said to be trading near its high-level record of Rs. 2,420 ($30), which it reached on April 27th, 2020.

Following the reports, the shares of Vodafone Idea jumped 6% to Rs 8.95 ($0.1) on the BSE during the intra-day trade. Meanwhile, MTNL (Mahanagar Telephone Nigam Limited), the state-owned company shares rose to Rs 22.15 ($0.2) around 13%, and the shares of GTL and Indus Towers rose by 8% to Rs 9.37($0.1) and 4% to Rs 217.85($2.7), respectively.

Although, the shares of the sector giant Bharti Airtel dropped by 5%. In comparison, the S&P BSE Sensex dropped to 0.44% at 54,244 points at 10:11 AM.

The Adani Group, while commenting on the move, said that it does not intend to be in the customer mobility space. As India is preparing to offer 5G services through this auction, the firm is among the many applicants participating in the open bidding process.

The firm is part of the 5G spectrum auction for delivering private network solutions along with augmented cyber security in the ports & logistics, airport, power generation, distribution and transmission and several manufacturing operations, said Adani Group in a media statement.

AEL is one of the developing subsidiaries of Adani Portfolio. It is most recognized for leading the decarbonization of industries and mobility via Adani New Industries Limited.

The next-generation strategic business investments of AELs are positioned around airport management, data centres, roads and water infrastructure, which hold substantial scope for unlocking the values.

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