Airtel Shares Extend Losses As Newly Inked Cloud Deal Fails To Improve Investor Sentiment

Shares of Bharti Airtel dropped around 1.6% to reach Thursday's intraday low of ₹761.35.

What Happened: The telecom giant posted a massive 91% rise in profits at ₹1,558.2 crore in Q3FY22 but missed consensus estimates by a wide margin. Since the announcement, the stock has been seeing a downtrend.

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On Wednesday, the company announced partnering up with cloud computing company Vultr. Through the partnership, the two companies will look to provide "cloud solutions to enterprises in India," Bharti Airtel said in a statement. 

Airtel will offer Vultr's suite of cloud solutions to its enterprise customers, giving them a "cost-performance advantage to build, test, and run demanding cloud workloads," the statement added.

The company will host cloud solutions services in its data centres across Bangalore, Mumbai, and Delhi-NCR. 

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Commenting on the partnership Ganesh Lakshminarayan, CEO – Enterprise, Airtel Business stated, "this partnership will help us to deliver complex cloud solutions at competitive costs."

Price Action: Shares of Bharti Airtel were down 1.03% to trade at ₹767.15

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Posted In: AirtelBharti Airtelcloud companycloud computingQ3 results