Reliance Jio has announced a strategic partnership with SpaceX to introduce Starlink broadband services in India, a move aimed at improving internet accessibility, especially in remote and rural regions. The deal will enable Jio to leverage SpaceX’s low-Earth orbit (LEO) satellites, enhancing its existing broadband services like JioAirFiber and JioFiber.

Under this collaboration, Starlink equipment will be available at Reliance Jio stores across the country, subject to regulatory approvals. Customers will also have access to installation, activation, and support services provided by Jio.

Boosting India’s digital connectivity

The partnership aligns with Jio’s goal of ensuring high-speed internet access for enterprises, small and medium businesses (SMBs), and communities across the country. By utilizing Starlink’s extensive satellite network, the initiative is expected to bridge connectivity gaps in difficult-to-reach locations.

Gwynne Shotwell, President and COO of SpaceX, welcomed the partnership, stating, “We are looking forward to working with Jio and receiving authorization from the Government of India to provide more people, organizations, and businesses with access to Starlink’s high-speed internet services.”

Regulatory approvals and future collaborations

While the partnership is a significant step, Starlink’s services in India still require clearance from regulatory authorities. Once approved, Starlink broadband services will be available for purchase and activation through Jio’s distribution network.

Additionally, Jio and SpaceX plan to explore other complementary areas of cooperation, utilizing their infrastructure to further strengthen India’s digital ecosystem.

This development follows SpaceX’s recent agreement with Bharti Airtel, which also intends to sell Starlink equipment and provide connectivity solutions to business customers, schools, health centers, and remote communities.

IndusInd Bank’s promoter, Ashok Hinduja, has assured investors that the bank remains financially strong despite recent turbulence in its stock performance. He confirmed that the promoters are prepared to inject capital if needed, reiterating confidence in the institution’s ability to handle its ongoing challenges.

The reassurance follows a sharp decline in IndusInd Bank’s stock, which plummeted 26% on March 11, wiping out nearly Rs 18,000 crore from its market capitalization. The drop was triggered by concerns over discrepancies in the bank’s derivatives portfolio, which is expected to have a 2.35% impact on its net worth.

“Shareholders need not panic”

Speaking to the media, Hinduja emphasized that the bank remains in a strong financial position.

“Shareholders need not panic. These are routine issues. I understand the concern regarding the delay in communication, but banking is built on trust and integrity,” he stated.

Hinduja also reaffirmed confidence in the bank’s leadership, noting that IndusInd Bank has successfully navigated various challenges over its 30-year history.

“We’ve seen IndusInd Bank through various challenges, and they have been handled effectively. This issue, too, will be resolved,” he added.

Capital adequacy remains strong

Despite the market reaction, Hinduja reiterated that the bank remains well-capitalized. He clarified that while the promoters are willing to inject fresh capital if necessary, the bank’s capital adequacy ratio stands above 15%, and there is currently no immediate concern.

“If there’s a need for capital raise, the promoter is ready to inject funds. We are awaiting approval from the regulator. However, as of now, the bank’s capital adequacy ratio is above 15%, and there are no concerns.”

Market reaction and leadership concerns

The decline in stock value was further exacerbated by brokerages downgrading IndusInd Bank following the Reserve Bank of India’s (RBI) decision to approve a one-year extension for MD & CEO Sumant Kathpalia—shorter than expected.

On March 10, IndusInd Bank disclosed that an internal review had revealed discrepancies in its derivatives portfolio, which could impact its net worth by approximately Rs 1,500 crore. However, the final impact is still subject to an external review.

Hinduja assured that the bank’s board and management are fully equipped to manage the situation, adding that similar challenges have been faced by banks worldwide.

“The board and management are capable of resolving these issues,” he stated.

As IndusInd Bank navigates the current volatility, investors are closely monitoring further developments regarding its derivatives portfolio review and capital injection plans.

The Indian stock market witnessed a sharp downturn on Friday as the benchmark BSE Sensex tumbled 1,032.99 points or 1.38% to 73,579.44 in morning trade. The heavy selloff led to a staggering erosion of Rs 7.46 lakh crore in investor wealth, following a similar downtrend in global equities.

The primary trigger for this massive slump was renewed tariff threats from former U.S. President Donald Trump, raising fears of a fresh global trade war. Persistent foreign fund outflows further dented investor sentiment.

Market bloodbath: Tech Mahindra, IndusInd Bank among biggest losers

Several heavyweight stocks bore the brunt of the market meltdown. Tech Mahindra, IndusInd Bank, Maruti, HCL Tech, Tata Consultancy Services, Infosys, Mahindra & Mahindra, and Titan were the top losers on the Sensex.

However, a few stocks managed to withstand the storm, with Axis Bank, HDFC Bank, Reliance Industries, and Adani Ports emerging as the only gainers.

Global turmoil adds to the pressure

Asian markets mirrored the downtrend, with Seoul, Tokyo, Shanghai, and Hong Kong all trading deep in the red. Meanwhile, the U.S. market slumped to a five-month low as Treasury yields surged in response to Trump’s tariff announcement.

Vikas Jain, Head of Research at Reliance Securities, noted that “the U.S. market fell sharply, with a significant rise in Treasury yields, following Trump’s fresh tariff threats.”

Uncertainty rattles investors as FIIs pull out Rs 556 crore

Market analysts pointed out that investors have been wary of uncertainty, which has only intensified with Trump’s return to power. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, highlighted that Trump’s strategy has often involved threatening tariffs early in his presidency before negotiating favorable trade deals for the U.S.

Adding to the concerns, foreign institutional investors (FIIs) pulled out Rs 556.56 crore from Indian equities on Thursday, as per exchange data.

Crude oil prices slide as global concerns mount

The impact of global economic jitters extended to the commodity market, with Brent crude slipping 0.51% to $73.66 per barrel.

As markets brace for further volatility, investors will be closely monitoring China’s response to the latest round of U.S. tariffs, which could determine the trajectory of the ongoing global selloff.