Stocks of Airtel, Idea slump soon after Reliance Jio launch
Share prices of Idea and Airtel slashed by around 3% and 4% respectively soon after Reliance Jio was formally launched in Mumbai on Thursday.business Updated: Sep 01, 2016 12:23 IST
Shares of telecom companies on the Bombay Stock Exchange fell moments after the launch of Reliance Jio which announced attractive schemes on its new 4G network.
At 11:45am, Bharti Airtel was trading 4.1% down at Rs 318, while Idea Cellular was down 3.1% at Rs 90.60. The BSE Telecom Index was down 2.6%.
Telecom shares started reacting even as Reliance Industries chairperson Mukesh Ambani started speaking at the company’s 42nd annual general meeting in Mumbai where he unveiled attractive offers like free voice calls across India and comparatively low data charges for Reliance Jio customers.
Reliance Industries was trading up 0.9% at Rs 1067.70 on the BSE on hopes of increased subscriber driving telecom business revenues.