Business

Jio offer pushes Reliance shares to a 8-year high

Shares of Reliance Industries Ltd gained 7.55 per cent on Wednesday's trade to trade at Rs 1170.50 on the BSE, a level not seen since June 2009.

This marks Reliance shares touching a fresh 8-year high.

The gains were made after Mukesh Ambani announced the Jio tariff plans that will commence from April 2017 while addressing a press conference on Tuesday.

Additionally, Ambani also said Reliance Jio crossed 100-million subscribers, in less than six months of its launch. "Jio added 7 customers every second of every single day for the last 170 days," he said in his speech.

Jio had crossed 50 million subscribers in just 83 days, adding at an average rate of 6 lakh subscribers per day and surpassing the subscriber addition rates of global giants like Facebook, WhatsApp and Skype.

This was taken positively by investors who were anticipating high returns from the multi-billion telecom venture.

Telecom stocks went tumbling down after after RIL Chairman Mukesh Ambani unveiled Reliance Jio's new voice and data offers.
Bharti Airtel was the worst performer in the 30-share Sensex pack, while the S&P BSE Telecom index fell the most among BSE sectoral indices on Tuesday's trade.

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