Jio boost sparks 11% rally in RIL shares

Shares climb to highest since May 2008; Mukesh Ambani-led firm adds Rs 38,732 cr in market value

Shares of Reliance Industries (RIL) soared 11 per cent, the most since May 2009, a day after its telecom unit Jio Infocomm announced it would end seven months of free services and start charging customers. The value of shares of the Mukesh Ambani-owned firm gained Rs 119.4, or 10.97 per cent, to Rs 1,207.65— a level last seen on May 29, 2008.

Market players said the move to start charging from April 1 has helped alleviate concerns over the viability of its telecom business and raised hopes that it would start contributing to profits from the next financial year.

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