Bharti, Idea fall 2-4% after Jio extends free offer till March
Reliance Jio had launched its commercial services on September 5 and had notched up 16 million users in the first month of its operation.
Telecom companies are feeling the heat of Reliance Jio’s free offer. Shares of Bharti Airtel, Idea and Reliance Communications lost 2-5 percent intraday on Thursday after Mukesh Ambani, Chairman and Managing Director, Reliance Industries announced that all existing and new Jio users will get Jio data and voice, video and full bouquet of content will be free till March 31, 2017.
Mukesh Ambani-promoted Reliance Jio crossed the 50-million subscriber mark in less than three months after its full-fledged 4G services launch in September. Airtel reached same milestone of notching 50 million subscribers in 12 years, Vodafone and Idea took 13 years each.
Reliance Jio had launched its commercial services on September 5, and had notched up 16 million users in the first month of its operation.
The subscriber base of Jio has already reached one fifth that of Bharti Airtel, which had 262.67 million mobile subscribers in October. According to the latest data by cellular association COAI, Vodafone had 201.90 million subscribers and Idea Cellular 180.25 million users.
(Disclosure: Reliance Industries owns Network18 Media and moneycontrol.com)