Months after billionaire Mukesh Ambani’s upstart wireless carrier swept into the No. 1 spot, a trounced rival is mounting a comeback, and investors are loving it. Bharti Airtel Ltd. is the best performer on India’s stocks benchmark this year, jumping 26 per cent and reaching a record on May 19, amid optimism the carrier will continue to attract bigger-spending users. The stock surged Thursday in Mumbai after Reuters reported Amazon.com Inc. was in early talks to buy a stake of at least $2 billion.
Jio and former No. 1 Airtel have battled over India’s telecom market since 2016 when Ambani pushed his way in with a 4G service that offered free calls and cheap data packages. That war of attrition prompted money-losing carriers to exit or merge with others, leaving only three non-state carriers, from about a dozen a few years ago.
News Source: NDTV
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