Archive · 8 Oct 2026
Musk’s ‘Oligarch’ Jibe Sends Reliance Shares Lower
Indian stocks fell on Thursday, and Reliance Industries was the biggest reason the Nifty 50 went down.
Elon Musk posted that unnamed “oligarchs” were blocking Starlink from entering India.
Investors thought he might mean large Indian telecom companies.
They worry that Starlink could compete with Jio in internet and satellite services.
Reliance is preparing to list Jio on the stock market.
The post also brought attention back to how much Jio might be worth in its planned IPO.
Bharti Airtel shares fell too.
The news added uncertainty for investors in the telecom industry.
Indian stocks slipped on Thursday, with Reliance Industries the biggest drag on the Nifty 50.
Elon Musk alleged on X that unnamed “oligarchs” were obstructing Starlink’s entry into India.
Investors interpreted the remarks as referring to dominant telecom companies and worried about greater competition for Jio.
Reliance shares fell sharply, while Bharti Airtel declined 2.1% amid pressure across the telecom sector.
The episode revived scrutiny of Jio’s proposed IPO valuation, previously reported as moderated from about $140 billion to $114 billion.
- Who
- Reliance Industries, Elon Musk, Starlink, Jio and Bharti Airtel.
- What
- Reliance shares led a decline in the Nifty 50 after Musk’s post about alleged obstacles to Starlink’s India entry heightened competition concerns.
- When
- Thursday.
- Where
- India.
- Why
- Investors feared that Starlink’s India ambitions could intensify competition in broadband, satellite connectivity and digital services.
Competition concerns
Market and company context
Starlink’s entry into India
Competition concerns
Musk alleged that unnamed “oligarchs” were obstructing Starlink’s entry into India.
Market and company context
The article says investors widely interpreted the remark as referring to dominant telecom incumbents; it does not provide a response from those companies.
Impact on Jio and Reliance
Competition concerns
Investors feared Starlink could intensify competition in broadband, satellite connectivity and digital services, potentially affecting Jio’s growth outlook.
Market and company context
The article notes that Jio’s proposed valuation had already been reported as moderated to improve investor appetite, while the market decline also reflected broader risk-off sentiment.
- Market benchmark
- Nifty 50
- Reliance’s Nifty weight
- Close to 9%
- Bharti Airtel share decline
- 2.1%
- Jio valuation previously reported
- Moderated from around $140 billion to approximately $114 billion
- Implied valuation reduction
- Roughly 21%
- Other major Nifty losers named
- Adani Enterprises, ITC, Adani Ports and Indigo