Airtel shares tank: Reliance Jio announces lowest tariff rates; Idea

relianc-Times Media 24

Shares of Idea Cellular and Bharti Airtel plunged up to 9 per cent on Thursday after RIL Chairman Mukesh Ambani announced free voice calling and cheaper data tariffs for Jio customers. Idea Cellular tanked 9 per cent to Rs 85 — its 52-week low on BSE. Shares of Bharti Airtel dropped 8.99 per cent to Rs 302.
Ambani also announced a ‘free welcome offer’ for Jio customers from September 5 till December 31. R Jio will offer users data services free for four months, after which it will offer 10 tariff plans starting at Rs 19 a day for occasional users, Rs 149 a month for low data users and Rs 4,999 a month for heavy data users. At the RIL’s 42th Annual General Meeting, the billionaire industrialist said Jio is targeting 100 million users in a shortest possible time.
Ambani said the tariff was based on three pillars: one, the customer should play for only voice or data; two, data must be affordable; and, three, pricing structure should be simple. So Reliance Jio won’t charge for voice calls, data prices will be what Ambani calls the “cheapest in the world” and there will be just 10 tariff plans to choose from.
To start with Reliance Jio data packs will start for as low as 5 paise per MB adding up to Rs 50 for 1GB, a fraction of the cheapest data plan in India at the moment. Reliance Jio will offer data packs ranging from Small (S) to XXXL. The small plan starts at Rs 149 for 0.3GB data along with access to 100 SMSes.

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