Airtel, Idea stocks down as Reliance Jio rolls out Summer Surprise offerReliance Jio’s Summer Surprise offer seems to have dented the earnings of top telcos like Bharti Airtel and Idea Cellular.
Reliance Jio’s Summer Surprise offer – extending the deadline for signing up as a Prime member to April 15 and waive monthly recharges for three months for those registering within that timeline – seems to have dented the earnings of top telcos like Bharti Airtel and Idea Cellular.
Mukesh Ambani-owned Jio’s shares on Monday rose by 4 per cent and hit their fresh 52-week high as it announced that it has notched an unprecedented 72 million paid subscribers under the Prime membership.
The shares of RIL were trading at Rs 1369.90 apiece, up Rs 50.70 or 3.84 per cent higher from previous close. In early trade, they were trading at Rs 1,348.35, up Rs 29.15 or 2.21 per cent higher.
Meanwhile, country’s top telcos Bharti Airtel and Idea Cellular were struggling with losses up to 3 per cent in early deals on Monday as investors were worried about their business stance amid Reliance Jio’s lucrative free voice and data offers.
At 9:47 am, Reliance Industries was the top Nifty 50 gainer, up 3.93 per cent at Rs. 1,372.75, while Bharti Airtel was down 2.54 per cent, Idea Cellular down 0.35 per cent and Bharti Infratel down 1.66 per cent.
Reliance Jio, whose free extended promotional offer ended on March 31, 2017, has announced a complimentary offer for three months under its Jio Prime membership available for Rs 303 till April 15.