Telecom shares rally; Idea, RCom up over 5%, Bharti Airtel hits 8-year high

The S&P BSE Telecom index, the largest gainer among sectoral indices, was up 1.6%, hit record high of 1,624 in intra-day trade on Monday.

Shares of telecom services providers rallied with Idea Cellular and Reliance Communications up more than 5% each, and Bharti Airtel at eight-year high on the BSE. MTNL, Tata Communications and Reliance Industries, too, were trading higher in the range of 1% to 3% as compared to 0.2% rise in the S&P BSE Sensex at 11:12 AM.

The S&P BSE Telecom index, the largest gainer among sectoral indices, was up 1.6%, hitting record high of 1,624 points in intra-day trade on Monday.

Reliance Jio Infocomm (RJio), a telecom arm of Reliance Industries, has decided to raise effective prices of