JioPhone Launched With Rs 153 Unlimited Plan; Idea, Airtel Shares Slump
Reliance Industries chairman Mukesh Ambani today launched JioPhone, meant for feature phone users with a Rs 153 unlimited monthly tariff plan. This announcement led to a sharp fall in Bharti Airtel and Idea Cellular share prices. Â JioPhone will be available from September, effectively free for Jio users. Jio will charge Rs 1,500 towards security deposit for the JioPhone, refundable after three years. On the JioPhone, voice will always be free.
Shares of telecom companies Idea Cellular and Bharti Airtel fell as much as 7.3 per cent and 4.2 per cent respectively on Friday after Reliance Industries chairman Mukesh Ambani announced launch and pricing of the new 4G VoLTE feature phone, JioPhone, which is aimed at grabbing a big pie of the 50 crore feature phone market. The sharp fall in Idea Cellular and Bharti Airtel share prices wiped off nearly Rs 8,500 crore in market value of the two telecom companies' at day's low.
The launch of JioPhone will further intensify the competition in the telecom market.Â
Reliance Industries, India's most valued company today also announced a 1:1 bonus issue, which will benefit its 24.63 lakh shareholders. Every shareholder of Reliance Industries will now get a bonus share for every one share held by them.
As of 12:30 pm, Idea cellular shares were down 6.48 per cent while, Bharti Airtel traded 3.13 per cent lower and Reliance Communications shares also fell 1.63 per cent. At the same time shares of Reliance Industries were trading 2.8 per cent higher at Rs 1,571.
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