Idea, Bharti Airtel shares tank up to 6.5%

Shares of telecom operators Idea Cellular and Bharti Airtel today tumbled up to 6.5 per cent following reduction in mobile Internet rates.
Idea Cellular stock tanked 6.52 per cent to settle at Rs 103.90 on BSE. During the day, it plunged 7.55 per cent to Rs 102.75.
At NSE, shares of the company dived 6.52 per cent to close at Rs 103.85.
Shares of Bharti Airtel also fell by 3.98 per cent to end at 363.45 on BSE. At NSE, shares of the company declined by 4.28 per cent to close at Rs 362.65.
Idea Cellular today announced up to 67 per cent reduction in 4G and 3G mobile Internet rates to compete with rival Bharti Airtel and ward off threat from Reliance Jio.

"Idea Cellular has now slashed the rates of its 4G, 3G BIG Internet packs by up to 67 per cent, providing more value to heavy Internet users who consume data packs of 2GB to 10 GB," Idea said in a statement.
This is the second move by the Idea Cellular within a week, triggered by Airtel announcing up to 67 per cent cut in 4G and 3G mobile Internet packs for pre-paid customers.