Major telcos and cable networks fell between 2 and 9 percent intraday after the company unveiled the JioPhone at its AGM.
Telecom and DTH stocks were under pressure on Friday after Reliance Industries unveiled the JioPhone, which will be given free of cost to its Jio users, along with aggressive data tariffs.
Major telcos, Bharti Airtel, Idea Cellular and Reliance Communications, fell between 2 and 5 percent intraday as investors turned way of other telcos’ prospects after the announcements at the AGM.
Meanwhile, the aggressive data plans and the push on its Jio phone also put pressure on cable and digital TV networks as well.
While Dish TV was down over 8.5 percent intraday, Sun TV fell over 4.2 percent, Den Networks declined 2.46 percent, while Hathway Cable plunged nearly 5 percent. Recently-listed GTPL Hathway too fell over 2 percent.
Also Check Out: Reliance AGM Live
Meanwhile, shares of Reliance Industries gained around 4 percent after RIL chairman Mukesh Ambani announced the launch of the phone at the company’s AGM.
The phone has been rolled out for zero rupees for the Jio users, but a refundable security deposit of Rs 1,500 will be collected. This money shall be given back to the users after 36 months. On the Jio phone, voice will always be free, Ambani said.Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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