Happy New Year to Jio but rivals lose Rs 3,000 cr in market cap

Mumbai: Stocks of telecom giants Bharti Airtel and Idea Cellular fell as Reliance Industries chairman Mukesh Ambani in a 25-minute address said his company was extending to customers the Jio welcome offer till March 31 next year and introducing a Happy New Year offer effective December 4.

NDTV Profit reported that Airtel shares that were trading at Rs 324 at around 1.30 pm when Ambani started his speech fell to Rs 318.3 by 2 pm, losing Rs 2,276 crore in market value.

Shares of Idea Cellular fell to Rs 74.20 from Rs 76.60 at 1.30 pm thus losing Rs 792 crore in market capitalisation.

The two telecom behemoths Bharti Airtel and Idea Cellular have staged a poor show over the past six months.