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Telecom stocks on Wednesday tumbled up to 6.5 per cent after Reliance Jio decided to offer 500 MB extra data to its subscribers using 1GB and 1.5GB per day data packs with effect from January 26.
Shares of Bharti Airtel plunged 5.99 per cent to ₹461.45 on BSE.
The scrip of Idea Cellular tumbled 6.48 per cent to ₹92.95 and Reliance Communications lost 2 per cent to ₹28.60.
Idea shares were also under pressure amid earnings disappointment.
Idea Cellular today posted deeper losses of ₹1,284.5 crore for the quarter ended on December 31, 2017.
Stepping up the tariff war, Reliance Jio has decided to offer 500 MB extra data to its subscribers using 1GB and 1.5GB per day data packs with effect from January 26, company sources said on Tuesday.
Besides, the telco as part of its ‘Republic Day offer’ will double the validity of ₹98 pack to 28 days from the current 14 days from January 26 onwards, they said.
“Jio will always offer more value to its customers, and offer ₹50 lower in price than competition and 50 per cent more data on its plans. As part of Republic Day offer, all existing 1 GB per day packs enhanced to 1.5 GB per day, 1.5 GB per day packs enhanced to 2 GB per day,” sources added.
Bharti Airtel had recently introduced ₹399 plan offering unlimited calls and 1GB 4G data daily with 84 days validity.
With this new offer, Jio’s flagship ₹399 plan will provide free voice, unlimited 4G data with 1.5 GB daily, unlimited SMS and premium subscription to Jio Apps for 84 days.
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