Telecom stocks tumble after Reliance Jio extends free services

Stocks of telecom companies tumbled as much as 6 percent after Reliance Industries Ltd announced the extension.

Published: 01st December 2016 06:28 PM  |   Last Updated: 01st December 2016 06:28 PM   |  A+A-

Reliance Jio-IANS

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NEW DELHI: Stocks of telecom companies tumbled as much as 6 percent after Reliance Industries Ltd announced the 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 until 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 percent.
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.


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