OMG! Airtel And Idea Lose 13,800 crores After Jio Announcement

Jio is disrupting it. Between Sep 5 and Dec 31st, Jio won’t charge anything for voice and data.

jio-pricing

Key announcements:

  • SMS to be free on Reliance Jio network
  • Reliance Jio to never charge for voice calls
  • Reliance Jio to have 1 million wifi hotspots by mid-2017
  • Reliance Jio to offer 10 data plans • Reliance Jio users to get unlimited data at night
  • Reliance Jio lowest data pack at 19 rupees/day
  • Reliance Jio won’t charge any extra on festival days
  • Reliance Jio to charge less for data on higher usage
  • Reliance Jio data tariff 5 paise/MB or 50 rupee/GB
  • Reliance Jio data priced at 50 rupees/GB

And the impact ? Airtel and Idea have lost 13,800 crores of market cap just after the Jio announcement.

Airtel crashed crashed 9.09 per cent to hit a 52-week low of Rs 85!