Bharti Airtel’s stock took a hit early Friday, following the revelation that its rival, Reliance Jio, had surged ahead in the race for new wireless subscribers in June, as per the latest data from the Telecom Regulatory Authority of India (TRAI).
What Happened? While Airtel managed to onboard 14.09 lakh telecom users in June, a slight increase from its 13.28 lakh in May, Reliance Jio outshone with an impressive addition of 22.7 lakh users. However, it’s worth noting that Jio’s June figures did see a dip from its previous month’s 30.38 lakh new users.
Zooming out, the overall wireless subscriber count inched up by 0.03% to 114.36 crore by June’s end, from 114.32 crore in May 2023. Private telecom players held 91.11% of the market share. In contrast, public sector units like BSNL and MTNL lagged behind, capturing just 8.89% of the market. JIo added 2.08 lakh wireless subscribers, while Airtel added 1.34 lakh subscribers in June.
Interestingly, Airtel’s active user percentage slightly dipped to 99.74% in June from 100.09% in May. Meanwhile, Jio witnessed a marginal uptick, with its active user base rising to 94.51% from 94.46% in the previous month.
Price Action: Bharti Airtel shares were down 0.68% at ₹863.50 shortly after markets opened for trading on Friday.
Get all the latest Share Market trends and news to set you up for the week ahead.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.