Telecom stocks decline after launch of Jio's wireless services

Six telecom stocks lost 0.03% to 1.96% at 11:17 IST on BSE after Reliance Industries' telecom arm Reliance Jio Infocomm commenced its wireless telecommunication services with effect from 5 September 2016.

Bharti Airtel (down 1.74% at Rs 313.40), Idea Cellular (down 0.95% at Rs 83.25), Reliance Communications (down 0.91% at Rs 48.75), Tata Teleservices (Maharashtra) (down 1.96% at Rs 6.01) and Mahanagar Telephone Nigam (down 0.69% at Rs 21.70) edged lower.

Shares of Bharti Airtel's telecom tower arm Bharti Infratel were down 0.03% at Rs 343.70.

Meanwhile, the S&P BSE Sensex was up 284.38 points or 1% at 28,816.49.

Reliance Industries (RIL) after market hours on Friday, 2 September 2016, announced that the company's telecom arm Reliance Jio Infocomm (Jio) has intimated the Department of Telecommunications (DOT), Telecom Regulatory Authority of India (TRAI) and the security agencies regarding the commencement of its wireless telecommunication services in all 22 service areas from 5 September 2016. The company has also filed the tariff plans for wireless services with TRAI. With these steps, the company has fulfilled all the requirements of Unified License for commencement of services, RIL said in a statement. It may be recalled that Jio had earlier announced its tariff plans under the Jio Welcome Offer. Media reports suggested that the plans offered by Jio are highly competitive in nature.

Shares of RIL were up 0.27% at Rs 1,015.60.

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