Reliance Jio offer impact: Investors beat down Bharti Airtel, Idea Cellular shares
Airtel and Idea share prices tumbled by 2% and over 6% today on stock exchanges after Reliance Jio revised its entire prepaid recharge packs by offering from 3GB data per day to 6.5GB data per day.
While domestic indices were trading positively, investors lost some confidence in Bharti Airtel and Idea Cellular stocks after Mukesh Ambani led Reliance Jio declared a tariff war against them by revising its entire prepaid recharge packs by offering from 3GB data per day to 6.5GB data per day at dirt cheap prices. Reliance Jio even announced a Double Dhamaka plan under which the company revised its two recharge packs of Rs 149 and Rs 399 giving 3GB data per day. Investors are not favouring Airtel and Idea stock price at the moment because RJio has turned even more aggressive when it comes to providing data packs. RJio even released a report where it openly stated that they will provide additional 1.5GB data on every prepaid packs of theirs to take on Airtel. This called for investors to be cautious on what Airtel and Idea will do next in order to save themselves, because the last we checked they are still facing losses in their earning books since RJio came into the telecom market.
At around 12:42 hours, the share price of Bharti Airtel tumbled by 0.55% or Rs 2.10 and was trading at Rs 378.95 per piece on BSE. However, Airtel has tumbled by nearly 2% so far in trading session by touching an intraday low of Rs 373.65 per piece.
At the same time, Idea Cellular share price was not taking the RJio news well, because it was trading at Rs 62.35 per piece down by Rs 2.75 or 4.22%. The company has touched an intraday low of Rs 61 per piece which has led it to drop by 6.30% today.
In a notification, RJio said, “Jio maintains its Everyday More Value (EDMV) promise committed at the time of the launch of its services, which states that every Jio user will get the BEST TARIFFS in the industry, always.
RJio further added, the EDMV promise assures that Jio users will always get "MORE BENEFITS" than any other operator in the industry.
Here’s a list of offers RJio made.
- 1.5GB/day data pack users - Rs 149, 349, 399, 449 will now get 3GB/day
- 2GB/day data pack users - Rs 198, 398, 448, 498 will now get 5GB/day
- 3GB/day data pack users - Rs 299 will now get 4.5GB/day
- 4GB/day data pack users - Rs 509 will now get 5.5GB/day
- 5GB/day data pack users - Rs 799 will now get 6.5GB/day
Moreover, Jio also offered a Rs 100 discount on all recharges of Rs 300 and above and 20% on recharges below the Rs 300 price point, if the user recharges through the MyJio app and pays using PhonePe wallet.
Under Double Dhamaka plan, RJio has gone way big and this time, it will offer 3GB data per day for just Rs 120 and Rs 299. It needs to be noted that this offer is available on only my Jio Apps. So to avail this benefit a user would need to download the app.
Then the second recharge pack of Rs 399 has been revised to Rs 299 where RJio is offering overall 252GB data for 84 days which works out to 3GB data per day.
If that is not enough then, RJio is also giving 20% cashback on this new recharge packs alongside 1.5GB additional data available on all daily recurring recharges in the month of June.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.