Reliance Industries share price slips over 2% amid delay in launch of JioPhone Next - impacts Nifty Index most
As the company delays launch of its affordable phone JioPhone Next, the Reliance Industries (RIL) shares slipped over 2 per cent at Rs 2,370.85 on the BSE intraday trade on Monday. The shares last Monday (September 6) had hit all-time high of Rs 2479.85 per share on the BSE.
As the company delays launch of its affordable phone JioPhone Next, the Reliance Industries (RIL) shares slipped over 2 per cent at Rs 2,370.85 on the BSE intraday trade on Monday. The shares last Monday (September 6) had hit all-time high of Rs 2479.85 per share on the BSE.
Reliance Industries last week in its filing to exchanges informed that Jio Platforms Limited, a subsidiary of the company, said “JioPhone Next in advanced trials, with festive-season rollout to commence before Diwali”. The affordable smartphone is developed in partnership with Google.
See Zee Business Live TV Streaming Below:
The delay in the launch is owing to the ongoing semiconductor shortage globally. The phone will now be available “more widely” around the Diwali festive season in India as against the proposed date of September 10, 2021, the company said in the statement on September 9, 2021.
The stock has outperformed the market by surging 11 per cent in the past one month despite today’s decline, as compared to a 5 per cent rise in the S&P BSE Sensex.
Jio and Google announced on Thursday, September 9, 2021, that they have made considerable progress towards launching the much-awaited JioPhone Next, the made-for-India smartphone being jointly designed by the companies.
"Both companies have begun testing JioPhone Next with a limited set of users for further refinement and are actively working to make it available more widely in time for the Diwali festive season. This additional time will also help mitigate the current industry-wide, global semiconductor shortages," Jio and Google said in a media release.
JioPhone Next is built with exciting features like the Google Assistant, automatic read-aloud and language translation for any on-screen text, a smart camera with India-centric filters among others.
Both the companies remain committed to their vision of opening up new possibilities for millions of Indians, especially those who will experience the internet for the very first time, the release added.
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.