Shares of telecom services providers - Bharti Airtel and Vodafone Idea - lost up to 6 per cent in intra-day trade on the BSE on Wednesday, after Mukesh Ambani announced that Google will buy 7.73 per cent stake in Jio Platforms for Rs 33,737 crore. That apart, Ambani said the company plans to design an entry level 4G, or even 5G smart phone, to support India's cellular market.

“Jio has developed a complete 5G solution from scratch that will enable us to launch a world-class 5G service in India. Jio 5G will set precedent for #AatmanirbharBharat, and all of its services are entirely made in India,” Reliance Industries’ Chairman Mukesh Ambani said at the company’s 43rd annual general meeting on Wednesday. READ HIGHLIGHTS HERE

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.