Airtel, Idea shares slump after Reliance Jio new offer announcements
Airtel shares closed 4% lower, Idea shares lost 1.88% in intra-day trading, after Reliance Jio boss Mukesh Ambani announced new data offers and extended free voice calls
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New Delhi: Telecom stocks came under selling pressure on Tuesday, led by Airtel which lost 4%, after Reliance Jio chairman Mukesh Ambani announced a slew of offers, including 20% more data than any rival from April.
Shares of Bharti Airtel declined by 4.02% to end at Rs360.55 on BSE. During the day, it lost 4.27% to Rs359.60. Idea Cellular went down by 0.37% to close at Rs108.30 after falling 1.88% to Rs106.65 in intra-day.
Shares of Reliance Industries Ltd, on the other hand, rose by 1.36% to close at Rs1,088.25.
Reliance Jio has crossed the 100 million customers mark in 170 days of launch, Ambani said on Tuesday as he announced a slew of offers, including 20% more data than any rival from April.
Reliance Jio, he said, will continue to offer free voice calls and national roaming post 1 April, when its promotional free voice and data offer ends.
For existing customers, he announced that the current benefits will continue under a new tariff plan for another 12 months by payment of Rs303 per month and a one-time joining fee of Rs99.