Reliance Jio launched, telecom majors under pressure

By: | Published: September 6, 2016 10:48 AM

Shares of telecommunication players such as Bharti Airtel, Idea Cellular and Reliance Communications were trading lower on Tuesday

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Shares of telecommunication players such as Bharti Airtel, Idea Cellular and Reliance Communications were trading lower on Tuesday after the Reliance Industries commercially launched its much awaited Reliance Jio on Monday. Reliance Industries chairman Mukesh Ambani at the company’s 42nd AGM said that all voice calls will be free and cheap data rates will be offered through Reliance Jio.

At 10.36 am, Idea Cellular was trading 1.25 per cent down at Rs 83. The scrip opened at Rs 84 and has touched a high and low of Rs 84.80 and 82.30, respectively, in trade so far. Bharti Airtel was trading 1.74 per cent down at Rs 313.40 at the same time.

Shares of Bharti Airtel opened the day at Rs 318.95 and has touched a high and low of Rs 319.10 and Rs 312.80, respectively, in trade so far. Reliance Communications shares were trading 0.71 per cent down at Rs 48.85 in the morning trade.

Jimeet Modi, chief executive officer, SAMCO Securities said, “Reliance Jio’s attempt to disrupt the telecom industry by announcing drastic reduction in all category tariffs puts a question mark on viability of the telecom sector.”

Last week, telecom stocks stood among the worst perform, as the BSE Telecom index slipped by 6 per cent for the week ended September 2 due to launch of Reliance Jio.

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