Idea, Airtel shares tumble up to 12% on Jio post-paid plan

Shares of Idea Cellular and Bharti Airtel tumbled up to 12 per cent due to heavy selling after rival Reliance Jio announced a new post-paid plan.

Idea Cellular plummeted 11.83 per cent to end at Rs 51.45 on BSE. During the day, it dived 12.93 per cent to Rs 50.80.

Bharti Airtel shares dropped 6.44 per cent to close at Rs 385.70. Intra-day, it slumped 7.53 per cent to Rs 381.20. The stock was the worst hit among the 30-Sensex blue chips.

The market capitalisation (m-cap) of Airtel slumped Rs 10,612.28 crore to Rs 1,54,179.72 crore and those of Idea dropped Rs 3,006.79 crore to Rs 22,429.21 crore.

Reliance Jio yesterday announced a new post-paid plan with monthly rental of Rs 199, and an ISD calling service at a starting price of 50 paise per minute.

The company also announced international roaming service with outgoing calls at Rs 2 per minute onwards.

"'Zero-Touch' post-paid plan to offer unlimited benefits at Rs 199 per month, international calling starting at 50 paise per minute and international roaming at Rs 2 for voice, data and SMS for all Jio customers," Reliance Jio said in a statement yesterday.

The subscription for the plan will start from from May 15.