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Telecom stocks dropped as Jio has offered a discount on top plan. Vodafone Idea Ltd and Bharti Airtel Ltd fell 2.9 per cent and 1.8 per cent, respectively. Billionaire Mukesh Ambani's Reliance Jio Infocomm has offered Rs 100 discount on its top-selling Rs 399 plan.
Vodafone Idea, the entity formed after the consolidation of Vodafone and Idea Cellular in a bid to counter Jio, has touched its lowest level since March 17, 2009.
S&P BSE Telecom index fell as much as 2.3 per cent to over 7-week low. As of last close, Vodafone Idea stock had fallen 57.28 per cent this year, while Bharti Airtel had fallen 28.5 per cent.
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