Jio Tariff Hike: Following the telecom tariff hike announced by Indian telecom majors Reliance Jio and Bharti Airtel, telecom stocks reacted noticeably in early morning trading. Today, Bharti Airtel’s share price opened at ₹1,536.25 per share and reached an intraday high of the same value on NSE. Similarly, Reliance’s share price surged, as Jio is a subsidiary of Reliance Industries Limited (RIL). In contrast, Vodafone Idea’s share price faced selling pressure. It opened at ₹19.10 per share on NSE but quickly dropped to an intraday low of ₹17.91, losing approximately 2.50 percent from Thursday’s close of ₹18.52 per share.
Reliance Share Price Hits New Peak
Continuing its bullish trend for the fourth consecutive session, Reliance’s share price opened at ₹3,062.05 per share on NSE and surged to an intraday high of ₹3,129.85, surpassing its previous peak of ₹3,075 reached on Thursday. This marks the third straight session where Reliance shares have hit a new high.
Bharti Airtel Share Price Hits New High
Following Reliance Jio’s tariff hike announcement on Thursday, Bharti Airtel declared a similar hike on Friday, sparking investor interest. Consequently, Bharti Airtel’s share price opened with an upside gap and reached an intraday high of ₹1,536.25 per share on NSE, setting a new lifetime high during Friday’s morning trades.
Vodafone Idea Share Price Under Pressure
However, Vodafone Idea’s share price declined sharply in early morning trades. It opened with an upside gap at ₹19.10 per share on NSE but soon faced selling pressure, dropping to an intraday low of ₹17.91. This rapid decline resulted in a loss of about 2.50 percent within minutes of the stock market’s opening, illustrating the stock market’s volatility.
Reliance Jio New Tariff Plan
Reliance Industries Limited’s subsidiary, Jio, has increased the prices of its existing plans, ranging from monthly to annual subscriptions. The monthly plan of ₹155 has been revised to ₹189, while other plans in this category have also been updated. The two-month plan has increased from ₹470 to ₹579, and the three-month plan has risen from ₹395 to ₹479.
Bharti Airtel Raises Tariff Plan
Bharti Airtel has also raised its telecom tariff plans. The company announced the tariff hike, stating, “We welcome the industry announcements to adjust tariffs. Airtel will revise its mobile tariffs as indicated below, from July 3rd, 2024. We have ensured that there is a very modest price increase (less than 70p per day) on the entry-level plans to minimize the impact on budget-conscious consumers.”
For prepaid users, Bharti Airtel has increased the ₹179 unlimited voice plan to ₹199, the ₹455 plan to ₹509, and the ₹1799 plan to ₹1999.