
Airtel and Idea stocks fall post Jio’s new rates
MUMBAI: Shares of telecom majors Bharti AirtelBSE -6.51 % and Idea CellularBSE -5.38 % tanked in morning trade Wednesday, a day after Reliance Jio offered 500 Mb more data at the same price points, underlining the continuing tariff war which will hurt average revenue per user further.
Market leader Bharti Airtel's shares were down 4.4 per cent to Rs 469.15 a piece while that of Idea Cellular dropped 5 per cent to trade at Rs 94.45 per share on the Bombay Stock Exchange in a flatbroad market.
The industry, already plagued by tariff wars and debt of Rs 5 lakh crore has had another poor quarter. The latest tariff cuts are expected to drag average revenue per user (ARPU) by another 20-30 per cent in the coming quarters.
Late Tuesday, Jio revised its tariff plans for the second...