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Telecom stocks tumble after RJio extends free services

Press Trust of India  |  New Delhi 

Stocks of telecom companies tumbled as much as 6 per cent after Industries Ltd announced extension of free voice and data offer for existing and new consumers of RJio till March 31.

"Starting December 4, 2016, every new Jio user will get Jio's data, voice, video and the full bouquet of Jio applications absolutely free till March 31, 2017," Chairman Ambani said.

The 'Jio Happy New Year Offer' will also be extended to existing customers on current SIMs, he said.

Idea Cellular, and Communications stock witnessed heavy selling pressure following the announcement.

At the end of today's trading on was quoted at Rs 72.95 - down 5.93 per cent, while settled at Rs 319.10 - down 1.66 per cent. Communications closed at Rs 35.75, down 5.05 per cent.

Reliance Jio, Ambani said, is the fastest-growing technology company in the world. "In the first 3 months, Jio has grown faster than Facebook, WhatsApp or Skype," he said.

RIL, in September, stormed into the telecom business announcing free voice and data till December-end.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, December 01 2016. 17:13 IST