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Shares of telecom service providers fell on Wednesday after Reliance Jio Infocomm Ltd cut tariffs to counter bigger rival Bharti Airtel Ltd's revision in data plans.
Reliance Jio Infocomm has slashed tariffs by ₹50 across various plans, along with 50 per cent more data than competition. The company has also introduced a new ₹98 pack, which provides free voice and unlimited data (2GB per month), with a validity of 28 days.
Bharti Airtel, India's No.1 mobile carrier, revised its data plans earlier this week. Bharti Airtel had recently introduced Rs 399 plan offering unlimited calls and 1GB 4G data daily with 84 days validity.
Shares of Airtel declined as much as 6.22 per cent to Rs 461.5 on Wednesday, their lowest since October 18, 2017. Idea Cellular Ltd, India's third-biggest telecom network operator, dropped as much as 5.7 per cent to its lowest since December 18, 2017 ahead of its quarterly results later in the day. Debt-ridden Reliance Communications Ltd slipped as much as 2.2 per cent.
(With inputs from Reuters)
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