Telecom Stocks Take a hit After Rival Jio Rolls Out Extra Data Offering

Shares of top telecoms operators Airtel, Idea Cellular, and Reliance Communications dropped as much as 6 percent after Reliance Jio introduced an offer of giving more data to users.

The firm is offering 1.5 GB additional data per day to customers on all pre-paid plans priced in the range of Rs 149 to Rs 799.

“Airtel introduced 1GB per day additional data on Rs 149 and Rs 399 price points only for a limited users. Jio will now provide 1.5 GB per day additional Jio 4G data to every pre-paid Jio user,” a company source told PTI.

Email query sent to Airtel did not elicit any reply.

The telecom ministry in a presentation today shared mobile data tariff in the country has reduced by 93 per cent in last four years.

“Moreover, Jio also offers a Rs 100 discount on all recharges of Rs 300 and above, and 20 per cent on recharges below the Rs 300 price point, if the user recharges through the MyJio app and pays using PhonePe wallet,” the source said. – Money Control