Synopsis: Reliance Jio and Bharti Airtel's tariff hikes boost their shares, while Vodafone Idea's stock falls 2.5%. Reliance reaches new peaks for the third session, and Bharti Airtel hits a lifetime high amid market reactions.
Following the recent telecom tariff hike by Indian telecom giants Reliance Jio and Bharti Airtel, the stock market showed a mixed reaction during early morning trading. Bharti Airtel's share price opened at Rs1,536.25 per share and quickly hit an intraday high of the same value on the NSE. Similarly, Reliance's share price rose, reflecting Jio's business impact on Reliance Industries Limited (RIL). Conversely, Vodafone Idea's shares faced selling pressure, opening at Rs19.10 per share but soon dropping to an intraday low of Rs17.91, marking a 2.5% decline from Thursday's close of Rs18.52 per share.
| Plan Duration | Old Price (Rs) | New Price (Rs) | Difference (Rs) |
|---|---|---|---|
| Monthly | 155 | 189 | 34 |
| Two-Month | 470 | 579 | 109 |
| Three-Month | 395 | 479 | 84 |
Reliance's shares continued their upward trend for the fourth consecutive session, opening at Rs3,062.05 per share on the NSE and reaching an intraday high of Rs3,129.85. This new peak surpassed its previous high of Rs3,075 set on Thursday, marking a new high for the third straight session.
The tariff hike by Reliance Jio on Thursday was followed by a similar announcement from Bharti Airtel on Friday, which boosted investor interest in the telecom major. Bharti Airtel's shares opened with a significant gain, reaching a new lifetime high of Rs1,536.25 per share during Friday morning trading.
In contrast, Vodafone Idea's shares saw a sharp decline, opening with a slight gain at Rs19.10 but quickly falling to Rs17.91. This rapid drop, resulting in a 2.5% loss within minutes of the market opening, underscores the volatile nature of the stock market.
Reliance Jio's tariff hike affected all its existing plans, ranging from monthly to annual. The Rs155 monthly plan was increased to Rs189, and the two-month plan rose from Rs470 to Rs579. Similarly, the three-month plan went from Rs395 to Rs479.
Bharti Airtel also increased its telecom tariffs, with the new rates effective from July 3, 2024. The Rs179 unlimited voice plan was raised to Rs199, the Rs455 plan to Rs509, and the Rs1799 plan to Rs1999. Bharti Airtel emphasized that the price increase was modest, with the entry-level plans seeing an increment of less than 70 paise per day to minimize the impact on budget-conscious consumers.
