Shares of Reliance Industries fell 2.28% on Friday after the company on Thursday withdrew a three month complimentary offer for its telecom offering Jio Prime following an advisory from the telecom regulator. The stock ended the the session at `1,405.55 on the Bombay Stock Exchange (BSE). The Sensex lost nearly 221 points to end at 29,706.61. The RIL stock lost approximately `10,664 crore worth of market cap, according to Bloomberg data.
The intra- day low for the stock was `1402.65 a share. Of the 39 brokerages who track the stock, nearly 72 have given it a ‘buy’ rating while the rest have rated it a ‘hold’.
The company said in a statement on Thursday evening it was withdrawing the offer because the TRAI advised it to do so. “Jio accepts this decision. Jio is in the process of fully complying with the regulator’s surprise, and it will be withdrawing the three months complimentary benefits of Jio Summer Surprise as soon as operationally feasible, over the next few days,” said Reliance in a BSE filing.
On April 4, shares of Reliance Industries had surged to a new 9-year high, after the company announced an extension of its Jio Prime membership deadline till April 15. Moody’s estimated that Reliance Jio Infocomm could generate revenues of `21,300 crore after 72 million subscribers opt for the `303 plan — the minimum plan that offers complimentary services for three months.