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.
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.