Telecom stocks tumbled up to 6.5 percent today after Reliance Jio decided to offer extra data on some plans, intensifying the tariff war in the sector.
Shares of Bharti Airtel tanked 6.51 percent to end at Rs 458.95 on BSE. The stock was the worst performer among the 30-Sensex scrips.
Idea Cellular plunged 5.38 percent to Rs 94.05 and Reliance Communications slipped 1.37 percent to Rs 28.80. Idea shares were also under pressure amid earnings disappointment.
Idea Cellular today posted deeper losses of Rs 1,284.5 crore for the quarter ended December 31, 2017.
Stepping up the tariff war, Reliance Jio has decided to offer 500 MB extra data to its subscribers using 1GB and 1.5GB per day data packs with effect from January 26, company sources said yesterday.
Besides, the telco as part of its ‘Republic Day offer’ will double the validity of Rs 98 pack to 28 days from the current 14 days from January 26 onwards, they said.
“Jio will always offer more value to its customers, and offer Rs 50 lower price than competition and 50 percent more data on its plans. As part of Republic Day offer, all existing 1 GB per day packs enhanced to 1.5 GB per day, 1.5 GB per day packs enhanced to 2 GB per day,” sources added.
Bharti Airtel had recently introduced Rs 399 plan offering unlimited calls and 1GB 4G data daily with 84 days validity.