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Telco stocks trade mixed; Vodafone Idea slips over 3%, Bharti Airtel down 1%, RIL gains

CNBCTV18 logo CNBCTV18 19-01-2022 Kanishka Sarkar
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Reliance Industries (RIL) shares traded in the green on Wednesday following Reliance Jio’s growth in the mobile and broadband segments, while stocks of other telecom majors Vodafone Idea and Bharti Airtel edged lower.

The Telecom Regulatory Authority of India (TRAI) on Tuesday released telecom data for November with Reliance Jio leading growth followed by Bharti Airtel. Vodafone Idea, however, continued to lose subscribers.

RIL stock rose nearly a percent intraday to Rs 2,541.65 on the Bombay Stock Exchange. The gain comes as Reliance Jio added 20,19,362 customers, taking its total subscriber base to over 428 million. Also, earlier in the day, Reliance Jio Infocomm said it has paid Rs 30,791 crore, including accrued interest, to the Department of Telecom (DoT) for prepayment of the entire deferred liabilities.

Vodafone Idea stock was down 3.7 percent intraday at Rs 11.60. It, however, trimmed losses during the session and was trading 1.24 percent lower at Rs 11.90 on BSE, at the time of writing. The company lost 18,97,050 customers in November and its total subscriber base fell to 267.12 million.

Bharti Airtel shares too witnessed selling. The telecom’s stock fell 1.2 percent to an intraday low of Rs 705.10. At 12:26 pm, the shares were trading 1.18 percent lower at Rs 705.65. The downtrend comes despite the company adding 13,18,251 new mobile subscribers.

Meanwhile, state-run telecom companies BSNL and MTNL failed to gain customers in November, as per TRAI. BSNL lost 2,40,062 mobile customers while MTNL lost 4,318 connections.

The Mahanagar Telephone Nigam Ltd (MTNL) shares also edged lower and were down more than 2 percent trading at Rs 30.90 per share on BSE.

Following the correction in telecom stocks, the sectoral gauge S&P BSE Telecom declined a little more than a percent intraday. It was trading 0.97 percent lower at 1,852.15, at the time of writing, amid an overall choppy market session.

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