BSE Telecom index slips 2% led by Airtel, Vodafone Idea

Bharti Airtel, Vodafone Idea, MTNL and Bharti Infratel were among top losers on the telecom index.

Dec 05, 2019 08:12 IST India Infoline News Service

Telecom Stock Down
The BSE Telecom index slipped 2% at 1,116.60 levels in the afternoon session. Bharti Airtel, Vodafone Idea, MTNL and Bharti Infratel were among top losers on the telecom index.

Bharti Airtel was down 2% after the company said its board approved raising up to $3 billion through a mix of equity and debt.

Shares of Vodafone Idea tumbled 5% after Brickwork Ratings downgraded its credit rating on the company’s non-convertible debentures.

Further, Reliance Industries share price rose after Reliance Jio, telecom arm of the Mukesh Ambani-led firm, announced its new All-in-One plans in line with recent tariff hike in the telecom industry. On Wednesday, Reliance Jio said its cheapest plan will cost Rs199, whereas the costliest plan will be priced at Rs2,199.

Equity benchmark indices were trading with small gains in afternoon trade. The stock market witnessed steep volatility after RBI's surprise move of keeping the rate unchanged.

The Sensex was up 84 points at 40,935 and the Nifty is also up 14 points at 12,057. About 842 shares have advanced, 902 shares declined, and 394 shares are unchanged.

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