Mukesh Ambani’s announcement of Reliance Jio services turned out to be a nightmare for other telecom operators. Soon after Ambani’s announcement of Jio, shares of Bharti Airtel and Idea sunk by 9% and 11% respectively and together they lost Rs 15,600 crore.
Shares of other telecom companies also fell on the Bombay Stock Exchange moments after Ambani announced attractive schemes on its new 4G network. While Mukesh Ambani started speaking at the annual general meeting, Reliance Industries started trading up 0.9% at Rs 1067.70 on the BSE.
Bharti Airtel ended at Rs 310.70, down Rs 21.15 and Idea Cellular was at Rs 83.70, down Rs 9.80 on the BSE.
This is how we personified this intense telecom war –