Business

Airtel shares fell 4% due to announcements about Jio

Reliance Industries made a number of announcements at its 42nd general meeting on Monday. Today, when the stock market opened on Tuesday, the effect was seen on the stock of Reliance Industries and it opened more than 100 rupees. However, later this boom grew even more. Since this morning, it has recorded an increase of up to 11 percent at one time. However, due to announcements made by Reliance Jio, Airtel's stock fell by about 4 per cent.

According to experts, Reliance will become a debt-free company in the next 18 months, which currently has a debt of about Rs 1.70 lakh crore. At the AGM, Mukesh Ambani has clearly stated that apart from being debt-free, the company will invest in Saudi and Aramco in the oil and chemical business. In addition, UK's BP will be sold a stake in the petro retail business. These announcements have shown an impact on the stock today. Experts believe that these announcements could lead to a re-rating of Reliance.

On the other hand, Airtel's stock is trading today with a decline of around 4%. Airtel's stock fell to Rs 352 today. The stock closed at Rs 371.25 on Friday. At the same time, with the price coming to Rs 352, the market cap of Airtel has come down to Rs 1.80 lakh crore. On Friday, the market cap was Rs 1.90 lakh crore. In this way, about 10 thousand crore rupees have been sunk to investors.

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