June 13, 2018 / 6:00 AM / 10 days ago

BUZZ-India's telecom stocks drop after Jio offers more data

** Shares of top telecoms operator Bharti Airtel Ltd drop as much as 1.9 pct to 373.3 rupees while Idea Cellular Ltd falls more than 5 pct to 61.95 rupees

** Rival Reliance Jio, the telecoms arm of Reliance Industries Ltd, on Tuesday responded to Airtel’s latest plan by offering more data to users

** Jio will now provide additional 1.5GB data per day to all users who recharge with any daily-recurring data pack, countering Airtel’s offer of additional data of 1.5 GB on certain price points for limited users

** Jio proposes discount of 100 rupees ($1.48) on all recharges of 300 rupees and above and 20 pct on recharges below the 300 rupees price point, subject to certain conditions

** Jio’s market share jumped to 19 pct in March qtr, surging past that of rival Idea’s 16 pct, Jefferies analysts said in a note citing the latest data from telecom regulator

** S&P BSE Telecom index was down 0.53 pct while Reliance Industries was nearly unchanged ($1 = 67.5800 Indian rupees)

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