On Thursday, Mukesh Ambani once again gave a big blow to all other telecom organizations when he announced that all the services of Reliance Jio will be free for users till 31st March, 2017.
Mukesh Ambani made this announcement during his 25-minute speech and in these 25 minutes, competitors of Reliance Jio lost more than Rs. 3,000 crore of market capital in share market.
Mukesh announced that all the new customers who start using Jio from Dec 4 will be entitled to free unlimited data, calls, Jio apps and Wi-Fi till 31st March, 2017. Existing users will also enjoy this benefit till the same date. Here it’s necessary to mention that earlier the last date for availing these services for free was 31st Dec, 2016.
As Mukesh Ambani finished his speech, heavy fall was registered in the shares of other telecom companies. At 1.30 pm in afternoon, when he started speaking, the value of one share of Airtel was Rs. 324 but till the speech was over by 2.00 PM, the value of Airtel’s share was fallen to Rs. 318. Airtel has suffered a loss of Rs. 2,276 crore market value in its stocks.
In the same manner, one share of Idea cellular was trading at Rs. 76.60 at 1.30 PM but by the end of the speech, it was Rs. 74.20, resulting in a loss of Rs. 792 crore in its market value.
Last time also, on September 1, when Mukesh Ambani launched Reliance Jio, Airtel and Idea suffered a huge loss of Rs. 16,000 crore in their market value.
The telecom companies may not have liked this news but Jio users are certainly delighted with this announcement! Are you one of them?