Shares of Idea Cellular and Bharti Airtel plunged up to 9% on 1 September after Reliance Industries chairman Mukesh Ambani announced free voice calling and cheaper data tariffs for Jio customers.
Shares of Idea Cellular tanked 9% to Rs 85 - its 52-week low on the BSE, while shares of Bharti Airtel dropped 8.99% to Rs 302.
Ambani also announced a 'free welcome offer' for Jio customers from 5 September till 31 December. Under this, users will be allowed free data services for four months, after which Reliance 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 on 1 September, the billionaire industrialist said that Jio wants to win over 100 million users in the least amount of time.
--With agency inputs