Uber users in India, who until now had Chinese Internet giant Alibaba-backed PayTM as the only payment wallet option available to book a ride, will now be able to pay through Reliance Jio Infocomm's Jio Money.

Reliance said on Monday it had struck a partnership with Uber Technologies Inc which will help it challenge PayTM's dominance in digital payments.

At 10:40 am; the S&P BSE Telecom index, the largest gainer among sectoral indices, was up 1.85% as compared to 0.15% rise in the benchmark S&P BSE Sensex.

The Anil Ambani-led telecom company agreed to sell a 51% stake in Reliance Infratel, the company’s tower unit, to Canada’s Brookfield Group for Rs 11,000 crore.

It will receive an upfront payment of Rs11,000 crore, besides ‘B’ class non-voting shares in the tower company.

Reliance Communications' (RCom's) "B1 corporate family and senior secured ratings remain on review for downgrade despite signing a binding agreement with Brookfield Infrastructure (unrated) in relation to the sale of RCom's tower assets," a Moody's statement said.

The companies signed a non-binding pact on the transaction on October 14. The deal values the tower assets at more than Rs 21,500 crore. As per the understanding, the assets of RCom’s tower unit, Reliance Infratel, will be transferred to a special purpose vehicle.

Shares of telecom majors such as Bharti Airtel, Idea Cellular and Reliance Communications fell between 1.7% and 5.9%.

While the company said the apex court has quashed a “contingent tax liability of RCom for about R4,800 crore”, the I-T department in its appeal had claimed a tax liability of R2,236.01 crore for assessment year 2007-08.