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Bharti Airtel falls for sixth straight trading day; stock hits 52-week low

SI Reporter/Mumbai 18 May 18 | 10:49 AM

Bharti Airtel hit a 52-week low of Rs 356, down 3%, falling for the sixth straight trading days on the BSE, after Reliance Jio Infocomm (RJio) announced a new unlimited postpaid plan on Thursday May 10, with national roaming, international calling and international roaming plans among others.

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The stock of telecom services has fallen 13.6% in past six trading sessions as compared to 0.65% decline in the S&P BSE Sensex. Bharti Airtel has lost Rs 218 billion market capitalistion during the period.

The all new JioPostpaid will be available for subscription starting 15th May, 2018. JioPostpaid marks a paradigm-shift in the way postpaid services are offered and consumed, just like Jio did with its prepaid services, Reliance Jio Infocomm (“Jio"), a subsidiary of Reliance Industries said in a press release.

Global investment banking firm Jefferies, according to IANS, said that this could put its telecom rivals such Airtel and Vodafone at a tough spot as the plan offered by emerging telecom player Jio is offering customers 50% discount compared to the packs offered by incumbents.

The report further said postpaid churn is lower and it is believed that shift to Jio will be gradual. "Around 40% of the postpaid customers are corporate, and these would be a key target, in our view."

At 10:45 am; Bharti Airtel was trading 2% lower at Rs 358 on the BSE, as compared to 0.35% decline in the S&P BSE Sensex. A combined 3.74 million shares changed hands on the counter on the BSE and NSE so far.

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