Idea Shares Sink To 52-Week Low As Jio Offers Freebies

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Shares in Idea Cellular sank to a new 52-week low of Rs 81, as investors worried that competition from Reliance Jio could hit margins.

Idea Shares Sink To 52-Week Low As Jio Offers Freebies
Investors feared that the company may have to raise additional debt to add to network, even as Reliace Jio made a beginning by offering data at just Rs 50 per GB.

The company has also made all voice calls free. Apart from this, there are worries that many freebies, like discount to students and free voice data in the night may only compound the worries for existing players like Idea and Bharti.

While Bharti shares reacted positively today, it had dropped dramatically on Thursday.

Idea shares were last trading at Rs 80.85, while Bharti shares dropped to Rs 310.

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Story first published: Friday, September 2, 2016, 11:35 [IST]
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