S&P BSE Telecom tanked over 7 percent intraday on September 23. Bharti Airtel and Bharti Infratel were the top losers with each falling over 7 percent during the session.
Telecom stocks are under pressure since morning after Reliance Jio launched a range of postpaid plans.
The share price of Bharti Airtel was down over 8 percent and was trading at Rs 433.45, down Rs 37.60, or 7.98 percent at 13:55 hours. It was trading with volumes of 1,782,532 shares, compared to its five day average of 755,399 shares, an increase of 135.97 percent.
Vodafone Idea was trading Rs 9.32, down Rs 0.93, or 9.07 percent. It has touched an intraday high of Rs 10.20 and an intraday low of Rs 9.23. The scrip was trading with volumes of 61,186,345 shares, compared to its five day average of 53,710,660 shares, an increase of 13.92 percent.
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Bharti Infratel share price at 13:59 hrs was trading at Rs 164.85, down Rs 15.45, or 8.57 percent. It touched an intraday low of Rs 164.60.
Bharti Airtel was one of the most active stocks on NSE with 5,94,53,689 shares being traded while Vodafone Idea was trading with 42,19,86,944 shares.
Reliance Jio has introduced new postpaid plans called JioPostpaid Plus that offers a free subscription to OTT platforms Amazon Prime, Disney+ Hotstar, and Netflix and a host of other benefits. With tariffs ranging between Rs 399 and Rs 1,499, the latest range of Jio postpaid plans will be available from September 24 in Jio Stores and via home delivery, which will come free with activation.
Bharti Infratel Chairman Akhil Gupta said setting a floor price as a temporary measure can help restore the financial health of the industry. “A floor price should be fixed at least for the next three to four years. Post that, as things settle down, it can be taken off.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
