Airtel and Idea shares plummet following Reliance Jio announcement

Telecom stocks came under selling pressure today, led by Airtel which lost 4 percent after Reliance Jio Chairman Mukesh Ambani announced a slew of offers, including 20 percent more data than any rival from April. Shares of Bharti Airtel declined by 4.02 percent to end at Rs 360.55 on BSE. During the day, it lost 4.27 percent to Rs 359.60.

Idea Cellular went down by 0.37 percent to close at Rs 108.30 after falling 1.88% to Rs 106.65 in intra-day. Shares of Reliance Industries Ltd on the other hand rose by 1.36 percent to close at Rs 1,088.25.Reliance Jio has crossed the 100 million customers mark in 170 days of launch, Ambani said today as he announced a slew of offers, including 20 percent more data than any rival from April.

Reliance Jio, he said, will continue to offer free voice calls and national roaming post April 1, 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 Rs 303 per month and a one-time joining fee of Rs 99. Subscribers to the Prime program will additionally have access to the entire suite of Jio apps for free, with additional benefits to be announced as and when they become available.

Jio also announced a range of tariff options to choose from, for those who do not intend to opt in for the Jio Prime subscription.

With inputs from PTI 

Disclaimer: Reliance Jio is owned by Reliance Industries, who also own Network18, the publisher of Firstpost and Tech2.

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