NEW DELHI: Mukesh Ambani's announcement that Relaince Industries will launch ultra-high speed fixed line broadband services for homes and enterprises upset broadcasting cable stocks during Thursday's trade.Chairman and Managing Director Mukesh Ambani announced the commercial launch of Jio Giga Fiber broadband services.
Addressing the company's 41st annual general meeting, Ambani said the service will provide ultra-high definition entertainment on TV, voice activated assistance, virtual reality gaming and digital shopping as well as smart home solutions.Shares of Hathway Cable Datacom (down 11.70 per cent) , Den Networks (down 8.12 per cent), Bharti Airtel (down 1.15 per cent) and Sun TV Network (down 0.77 per cent) were suffering losses around 12:30 pm.Market sentiment was subdued amid weak Asian cues.
Losses in Infosys, Tata Motors, Vedanta and Larsen Toubro were weighing on the Sensex.Benchmark BSE Sensex was 96 points down at 35,549, while the NSE Nifty50 index was down 28 points at 10,742.In the Sensex index, 16 stocks were up, while 15 were down.Among the sectors, IT, consumer durables, metal, realty and teck were reeling under pressure.