Airtel and Reliance lose early market gains from Starlink partnership after IT stocks drag markets down

After increasing initially, shares of Bharti Airtel and Reliance Industries fell as the day's trading session went on because of a general decline in market mood. Shares of Reliance Industries were down 0.02%, or ₹0.30, at ₹1,247.10 at 11:30 am IST, while shares of Bharti Airtel were down 0.84%, or ₹13.90, at ₹1,647.30.

On the other hand, because of the favorable market mood around both of their collaborations with Elon Musk's Starlink, they both reached their intraday highs of ₹1,717.25 (3.37% higher from the previous close) and ₹1,261.55 (1.13% higher from the previous close), respectively.

On Tuesday, Airtel and SpaceX announced their collaboration to introduce Starlink internet service to India; on Wednesday, Jio, owned by Mukesh Ambani, made the same announcement. The general stock market, which had started the day in the green, followed the same pattern and ended the day in the red.