The development saw Vodafone Idea slip 6 per cent to Rs 8.78 in intra-day trade on the BSE. With today’s fall, the stock has lost 30 per cent from its 52-week high level of Rs 12.62 touched on June 6, 2020. Till recently, speculation was rife that US-based Google was planning to invest in Vodafone Idea.
Reliance Industries (RIL) in exchange filing today announced that Jio Platforms, a subsidiary of the Company, has signed binding agreements with Google International LLC, pursuant to which, Google would invest Rs 33,737 crore for a 7.73 per cent equity stake in Jio Platforms on a fully-diluted basis. The transaction is subject to customary regulatory approvals, it said.
On the other hand, Bharti Airtel also lost 3 per cent to Rs 571 on the BSE post the development. In comparison, the S&P BSE Sensex was up 0.77 per cent at 36,311 points at 02:48 pm.
Meanwhile, RIL too slipped 2 per cent lower at Rs 1,874, falling 5 per cent from its intra-day high. The stock had hit an all-time high of Rs 1,978.50 before the AGM .