India, Oct. 9 -- Shares of major US telecommunications companies fell sharply on Friday after Elon Musk's SpaceX agreed to acquire a nationwide wireless spectrum portfolio from private-equity firm Grain Management, strengthening its plans to expand Starlink into mobile services.
Verizon shares dropped around 10 percent, putting them on track for their steepest single-day decline since 2002. T-Mobile fell 13 percent, its worst potential daily performance since 2013, while AT&T lost approximately 10 percent, marking its biggest decline since 2000. SpaceX shares rose around 1 percent.
The deal covers Grain Management's nationwide portfolio of 800 MHz spectrum licences, comprising up to 14 megahertz of paired spectrum. The Wall Street Journal...