The declines comes after the Adani Group sought to bid for 5G airwaves to provide private network and cybersecurity solutions in its other businesses, according to its statement post market hours Friday.
The Department of Telecom will be officially announcing the name and ownership details of applicants on July 12. At least four telecom operators applied for participating in the auction. Besides Adani group, Reliance Jio Infocomm Ltd., Airtel and Vodafone Idea Ltd. are the three private players that have also applied. A total of 72,097.85 MHz of spectrum worth at least Rs 4.3 lakh crore will be put on the block during the auction, according to PTI.
The Adani Group clarified on Saturday that the intention the telecom foray in not aimed at consumer communication services, but to use 5G spectrum, if awarded for private network solutions.
Of the 34 analysts tracking Bharti Airtel, 31 maintain ‘buy’, two suggest ‘hold’ and one recommends ‘sell’, according to Bloomberg data. The return potential of the stock is 26.4%.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.