Idea Cellular, Bharti Airtel shares fall up to 6 per cent after slashing data tariffs
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Bharti Airtel and Idea Cellular shares slumped after the telecom majors announced cut in their data tariffs, contributing to the stock markets fall with the BSE Telecom index plunging 3.23 per cent on Monday.
Idea Cellular shares closed 6.52 per cent down at Rs 103.90. The scrip opened at Rs 112 and touched its high and low of 112.70 and Rs 102.75, respectively. Bharti Airtel shares closed 3.98 per cent down at Rs 363.45 . The scrip opened at Rs 379.10 and touched a high and low of Rs 380 and Rs 362 , respectively, in trade so far. Sensex closed 89.84 points down at 27,746.66.
Idea Cellular on Friday cut mobile internet rates to offer more value to customers on their 4G, 3G and 2G data packs. The company’s statement said that its customers can get up to 45 per cent more data benefits on sachet packs below 1 GB.
Bharti Airtel on Sunday said that it has slashed data tariffs for pre-paid customers. The revised data benefits – the Rs 655 4G/3G – monthly recharge pack will offer now 5GB data vs 3GB earlier, amounting an increase of 67 per cent in data benefit.
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Shiv Sena (UBT) chief Uddhav Thackeray on Wednesday hit out the BJP, saying that by inducting former Congress leader Ashok Chavan, the ruling party has also become a part of the multi-crore Adarsh Housing Society scam now. Earlier, the BJP used to target Chavan saying the families of martyrs were fooled in the Adarsh scam, but now the same party is involved in fooling them, he alleged.
Thackeray was addressing a press conference at Nanded in Maharashtra, where he arrived to campaign for the Maha Vikas Aghadi (MVA) candidate Vasant Chavan from the Nanded Lok Sabha constituency.
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Jamie Dimon, the chief executive of US banking giant JPMorgan Chase, has praised Prime Minister Narendra Modi and berated the “liberal press” for criticising him.
Dimon, in a webinar hosted by The Economic Club of New York, praised Modi's government for alleviating poverty and implementing reforms. “Modi has done an unbelievable job in India. I know the liberal press here; they beat the hell out of him. “He has taken 400 million people out of poverty," Dimon was quoted as saying.
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The Reserve Bank of India (RBI) on Wednesday released a compiled master direction raising the minimum capital requirement for asset reconstruction companies (ARCs) to begin securitization to Rs 300 crore from Rs 100 crore as on October 11, 2022.
The central bank said that the regulation would be effective from April 24, 2024. ARCs, as on October 11, 2022, have been provided a glide path to achieve the minimum required Net Owned Fund (NOF) of Rs 300 crore.
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Reliance Jio has become the world's largest mobile operator in data traffic consumption, surpassing China Mobile. According to global analytics firm Tefficient, the Indian telecom operator's total traffic reached 40.9 exabytes in the January-March quarter, compared to China Mobile's 38.
Jio also has the second-largest 5G subscriber base globally, with 108 million users. More than 28 per cent of its total wireless data traffic is now consumed by 5G users, said the company in an analyst presentation.
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Congress leader Rahul Gandhi on Wednesday accused Prime Minister Narendra Modi of waiving off loans worth Rs 16 trillion of his billionaire friends, and said the country will never forgive him for this "crime".
In a post in Hindi on X, he said this money could have been used to cure the pain of Indians but was spent on creating hype for the ilk of those like 'Adanis'.
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