Reliance Industries led a fall in the Nifty 50, sliding around 2.6% and shaving INR 21,200 crore from the Ambani family’s stake as Elon Musk alleged Starlink blockage by unnamed Indian oligarchs. The broader market was pressured by RBI rate expectations, crude prices near USD 104, and foreign selling, with several giants posting declines.
India
-Oneindia Staff
Reliance Industries Ltd. pulled the Nifty 50 lower on Thursday, falling about 2.6 percent and losing close to $5 billion in market value. The sell-off followed Elon Musk’s accusation that unnamed Indian “oligarchs” are blocking Starlink in the country. The benchmark index fell 1.7 percent, or about 384 points, from Wednesday’s close of 22,603.
Reliance carries roughly 9 percent of the Nifty 50, so its decline took about 53 points off the index. That is around one-seventh of the day’s total fall. Bharti Airtel also traded lower and subtracted close to 9 points.
Reliance Industries led a fall in the Nifty 50, sliding around 2.6% and shaving INR 21,200 crore from the Ambani family’s stake as Elon Musk alleged Starlink blockage by unnamed Indian oligarchs. The broader market was pressured by RBI rate expectations, crude prices near USD 104, and foreign selling, with several giants posting declines.
What Musk Said
On Wednesday, Musk wrote on X that Starlink was “being blocked by certain oligarchs in order to maintain their monopolistic chokehold on the Indian people.” He added, “You can guess who they are,” and called the situation “a crime against the people of India.” He did not name anyone.
The Ministry of Communications rejected the suggestion of a discriminatory regime, calling it “baseless and misconceived.” Starlink, Jio Satellite and Bharti-backed OneWeb all hold licences, and all still need security clearance. Sunil Bharti Mittal said OneWeb is awaiting its own approvals. Akash Ambani declined to comment.
Timing Ahead of Jio Platforms Listing
The post came as Reliance prepares to list Jio Platforms. People familiar with the process told Bloomberg that the company is seeking about $114 billion. That is below the $130 billion to $170 billion range discussed when the draft prospectus was filed in June. Jio and Airtel together serve more than 80 percent of India’s broadband users.
Based on a 50.07 percent promoter holding, Thursday’s move reduced the paper value of the Ambani family’s stake by about ₹21,200 crore.
Broader Market Factors
Market dealers said the wider session was still shaped by the Reserve Bank of India’s rate hike, crude oil prices near $104 a barrel and foreign investor selling. A heavyweight stock does not need to top the percentage losers’ list to move the index.
Several other stocks fell more than Reliance in percentage terms on the Sensex, including Adani Enterprises, ITC, Adani Ports, Titan, PowerGrid, Bharat Electronics and IndiGo.
