New Delhi: Shares of Reliance Industries Ltd closed over 2% lower on Thursday after the company laid out future plans for Reliance Jio Infocomm Ltd at its annual general meeting. RIL shares fell 2.53%% to close at 965 per share on BSE. In intraday trade, the stock hit a high of 1,008.50 and a low of 960.10. On BSE, 12.90 lakh changed hands, while 1.87crore shares traded on NSE.

At the company’s annual general meeting, RIL chairman Mukesh Ambani today announced Reliance Jio’s fiber-based fixed line broadband services, Jio GigaFiber. Reliance Jio is targeting 5 crore Jio GigaFiber home customers and 3 crore small merchants and shop-keepers, said Ambani.

After the announcement of Jio GigaFiber, shares of broadband providers declined with Den Networks Ltd plunging 11.40% to Rs66.05 and Hathway Cable and Datacom diving 18.48% to Rs19.85.

Mukesh Ambani predicted that optical fixed line broadband is the future and is confident that Reliance Jio will take India to the top 5 in fixed line broadband services globally in the coming years.

Moreover, RIL also introduced two bonanza offers for Reliance Jio customers. Jio Phone 2, an upgraded version of JioPhone, will be sold at an introductory price of 2,999 and your old feature phones can be exchanged for a new JioPhone for just 501.