Published On : Fri, Sep 2nd, 2016

Telecom stocks extend losses on RJio fears

Reliance Jio

Mumbai/Nagpur: Telecom stocks extended losses for the second straight session today, falling up to 3.5 per cent, after Mukesh Ambani yesterday announced the launch of much-talked about Jio 4G service, offering free voice calls and national roaming.

Shares of Idea Cellular went down by 3.46 per cent to Rs 80.80 — its 52-week low, while Reliance Communications fell by 3.45 per cent to Rs 47.45 on BSE. Bharti Airtel too lost 1.35 per cent to Rs 306.50 but later saw some recovery and was trading at Rs 312.10, up 0.45 per cent during the afternoon trade.

All these stocks had fallen sharply by up to 11 per cent in intra-day trade yesterday, wiping out Rs 16,997 crore from their market valuation. Reliance Industries Ltd too could not recover from yesterday’s losses as the stock fell by 2.11 per cent to Rs 1,007.35.