Reliance and Airtel Partner with SpaceX for High-Speed Internet

Reliance Industries and Bharti Airtel stocks rose following announcements of partnerships with SpaceX to provide high-speed internet in India. While Airtel initially gained on the NSE, it later declined. Reliance saw early gains too. The partnerships are contingent on regulatory approvals for SpaceX's Starlink services.

Shares of Reliance Industries and Bharti Airtel experienced a positive market reaction on Wednesday. Both companies declared new partnerships with Elon Musk's SpaceX to bring high-speed internet services to India.

Bharti Airtel's stock opened with a substantial uptick but later fell slightly, trading below its opening price. Reliance Industries witnessed a similar trend with initial gains that eventually simmered down.

These strategic partnerships hinge on SpaceX obtaining authorization for its Starlink internet services in India. Meanwhile, Vodafone Idea's shares fell sharply as the company reported significant subscriber loss.

(With inputs from agencies.)