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Ambani announced the launch of Reliance Jio's services on Thursday, making voice calls free for all.
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Updated : Mar 22, 2018, 02:42 AM IST
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The shares of major telecom players crashed on Thursday as Mukesh Ambani made "revolutionary" announcements for Reliance Jio's customers at the annual shareholders' meeting of Reliance Industries being held in Mumbai.
Ambani announced that Reliance Jio's services will be available for all from September 5, thus rolling out the services for everyone across the country at last. The company has been offering its services for select customers for beta testing since late last year, drawing the ire of other telecom players.
Ambani said that Jio customers will have to pay zero charges fro voice calls and messages, and will get the most affordable data tarifs in the world at 5 paise per MB or Rs 50 per GB drawing loud cheer and appalause from the shareholders.
As Ambani was going through his presentation, the share prices of Bharti Airtel tanked nearly 6%, Idea Cellular nearly 7% and Anil Ambani-run Reliance Communications' share price tanked nearly 4%.
Bharti Airtel was trading at Rs 312.85, down Rs 19 or 5.73% from previous day's close; Idea Cellular was at Rs 87.35, down Rs 6.15 or 6.58% and Reliance Communication was at Rs 51.85, down Rs 2.05 or 3.80% lower.
