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Telecom stocks fall; Bharti Airtel plunges 3%
Telecom stocks faced selling pressure on Thursday, falling up to 3%, after regulator TRAI slashed ceiling tariffs following which mobile calls while in roaming will be cheaper by up to 23% and sending SMSes will cost up to 75% less from May 1.
Telecom stocks faced selling pressure on Thursday, falling up to 3%, after regulator TRAI slashed ceiling tariffs following which mobile calls while in roaming will be cheaper by up to 23% and sending SMSes will cost up to 75% less from May 1.
Shares of Bharti Airtel fell by 2.97% to settle at Rs 406.80 on the BSE.
Similarly, Idea Cellular lost 2.29% to Rs 187.75. "Telecom majors Airtel and Idea corrected after TRAI reduced the ceiling on national roaming tariffs from May 1," said Rakesh Goyal, Senior vice-president of Bonanza Portfolio.
Mobile calls while in roaming will be cheaper by up to 23%, while sending SMSes will cost up to 75% less from May 1 as regulator TRAI slashed ceiling tariffs.
"TRAI has reduced ceiling tariffs for national roaming calls and SMS and has mandated telecom service providers to offer a special roaming tariff plan. These changes will come into effect from May 1," it said in a statement.
