te Indian telecom stocks fall after Jio cuts tariffs | Zee Business

Indian telecom stocks fall after Jio cuts tariffs

Indian telecom stocks fall after Jio cuts tariffs
A woman checks her mobile phone as she walks past a mobile store of Reliance Industries' Jio telecoms unit in Mumbai. Image Source: Reuters

Shares of Indian telecom service providers fell on Wednesday after Reliance Jio Infocomm Ltd cut tariffs to counter bigger rival Bharti Airtel Ltd`s revision in data plans.

Jio, the telecom arm of Reliance Industries Ltd, said on Tuesday the revision was "a response to Airtel`s tariff changes", which would help it maintain "its price leadership".

Bharti Airtel, India`s No.1 mobile carrier, revised its data plans earlier this week.

TRENDING NOW

Shares of Airtel declined as much as 6.22 percent to 461.5 rupees on Wednesday, their lowest since Oct. 18, 2017.

Idea Cellular Ltd, India`s third-biggest telecom network operator, dropped as much as 5.7 percent to its lowest since Dec. 18, 2017 ahead of its quarterly results later in the day.

Debt-ridden Reliance Communications Ltd slipped as much as 2.2 percent.

Jio entered India`s highly-competitive telecom market in late 2016 and disrupted the space with free-voice and cut-price data plans, forcing rivals to match its tariffs and dragging their margins lower.

 

Written By: Reuters
Updated: Wed, Jan 24, 2018
12:17 pm
Reuters
RELATED NEWS
Reliance Jio gets $2.2 bn fund support from Swedish Export Credit agency to finance 5G roll-out Reliance Jio gets $2.2 bn fund support from Swedish Export Credit agency to finance 5G roll-out
Reliance Jio Q1 Results: Net profit rises 12.1% to Rs 4,863 crore Reliance Jio Q1 Results: Net profit rises 12.1% to Rs 4,863 crore
India adds 19.6 lakh telecom subscribers in March: Regulator TRAI India adds 19.6 lakh telecom subscribers in March: Regulator TRAI
India sees 4-spot jump in median mobile speeds globally in April India sees 4-spot jump in median mobile speeds globally in April

By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.

x