Shares of Bharti Airtel and Idea Cellular tanked in intra-day trade Thursday after Reliance-owned Jio announced free voice calls, zero roaming charges, cheap data and a four-month introductory offer for free.
The most anticipated telecom venture 'Reliance Jio', in which the company has invested about USD 50 billion will start data plans from as low as Rs. 149 a month and move up to Rs. 4999 per month for a heavy user along with completely free data usage at night.
Reliance Industries Chairman Mukesh Ambani expects the newly-launched telecom company to cover over 90 percent of India's population with 4G coverage by March 2017 with an aim to acquire one lakh customers a day.
Besides, Jio's app boquet, worth Rs. 15000 for an annual subscription, will be available free for all active Jio customers till December 31, 2017.
Jio's network is entirely on 4G; have the largest voice over LTE in world and can transform India from a high priced data market to the lowest priced data market
On BSE, shares of Idea Cellular traded at Rs. 87.55, down Rs 5.95, or 6.36 percent and Bharti Airtel at Rs. 313.35, down Rs. 18.50, or 5.57 percent.
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