Telecom stocks tumble after RJio extends free services

Telecom stocks tumble after RJio extends free services

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Telecom stocks tumble after RJio extends free services

New Delhi, Dec 1 (PTI) Stocks of telecom companies
tumbled as much as 6 per cent after Reliance Industries Ltd
announced extension of free voice and data offer for existing
and new consumers of RJio till March 31.
“Starting December 4, 2016, every new Jio user will get
Jio’s data, voice, video and the full bouquet of Jio
applications absolutely free till March 31, 2017,” RIL
Chairman Mukesh Ambani said.
The ‘Jio Happy New Year Offer’ will also be extended to
existing customers on current SIMs, he said.
Idea Cellular, Bharti Airtel and Reliance Communications
stock witnessed heavy selling pressure following the
announcement.
At the end of today’s trading on BSE Idea Cellular was
quoted at Rs 72.95 – down 5.93 per cent, while Bharti Airtel
settled at Rs 319.10 – down 1.66 per cent. Reliance
Communications closed at Rs 35.75, down 5.05 per cent.
Reliance Jio, Ambani said, is the fastest-growing
technology company in the world. “In the first 3 months, Jio
has grown faster than Facebook, WhatsApp or Skype,” he said.
RIL, in September, stormed into the telecom business
announcing free voice and data till December-end. PTI DRR
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PTI