Idea and Airtel face the music on Reliance Jio tunes

By : |September 1, 2016 0

The war has been declared open and the telecom sector is about to face the best competition ever. The stocks are failing to perform under pressure and the market is heating up after Reliance Jio‘s attractive price points.

While Idea cellular is at a historic price fall of more than 10% fall on the NSE, Bharti Airtel registered a more than 6% fall on NSE. Idea cellular is down Rs. 9.70 at Rs.83.70 while, Bharti Airtel was at Rs. 310.70, down Rs. 21.15.

While till noon, within 45 minutes of Mukesh Ambani Reliance AGM, Airtel lost somewhere around Rs 12,000 crore in market capitalisation, while Idea Cellular was ripped off Rs 2,800 crore in market value.

This is as a result of the war cry from Mukesh Ambani today who announced that Jio is targeting 100 million users in a shortest possible time. He also announced “super-affordable” handsets under the LYF brand starting Rs 2,999.

Jio has had a massive launch this year, where at present, Jio’s network covers 18,000 cities and two lakh villages. Mr. Ambani also said that a set of apps that Jio offers will be free for active subscribers till December 2017.

Jio has been changing the game since the day it was launched, earlier it had forced Vodafone and Idea to slash their data charges rates to compete with it. Today in his speech Ambani voiced out what might be the biggest game changer for the telecom industry itself. He said “customers should pay for only one service, voice or data not both…. Worldwide operators charge only for data, and voice and messages are free… All voice calls for Jio customer will be absolutely free… The era of paying for voice calls is ending. Jio will usher India into the new era.” To which not even the market but the social media gave an overwhelming response. While some compared Reliance Jio to Reliance NGO the others doubted the future of this telecom giant’s regime.

 

And the biggest compliment came from another enterprising personality Anand Mahindra.

So are you ready for Reliance Jio’s Datagiri!

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