Bharti Airtel and Idea Cellular shares slumped after the telecom majors announced cut in their data tariffs, contributing to the stock markets fall with the BSE Telecom index plunging 3.23 per cent on Monday.
Idea Cellular shares closed 6.52 per cent down at Rs 103.90. The scrip opened at Rs 112 and touched its high and low of 112.70 and Rs 102.75, respectively. Bharti Airtel shares closed 3.98 per cent down at Rs 363.45 . The scrip opened at Rs 379.10 and touched a high and low of Rs 380 and Rs 362 , respectively, in trade so far. Sensex closed 89.84 points down at 27,746.66.
Idea Cellular on Friday cut mobile internet rates to offer more value to customers on their 4G, 3G and 2G data packs. The company’s statement said that its customers can get up to 45 per cent more data benefits on sachet packs below 1 GB.
Bharti Airtel on Sunday said that it has slashed data tariffs for pre-paid customers. The revised data benefits – the Rs 655 4G/3G – monthly recharge pack will offer now 5GB data vs 3GB earlier, amounting an increase of 67 per cent in data benefit.