The shares of Bharti Airtel rebounded as JioPhone launch was not seen too disturbing. Earlier after falling as much as 1.3 per cent, Bharti Airtel gained 0.8 per cent; Idea Cellular shed 2.8 per cent.
Jefferies went on to say: “While refundable, the cost of acquiring the device is not game changing when compared against existing feature phone prices.” Airtel shares fell about 2 per cent on Friday, while Idea Cellular dropped over 3 per cent after rival Reliance Jio, the Mukesh Ambani-backed mobile carrier, unveiled JioPhone, a “zero cost” 4G-enabled device.
He further went on to say that the Rs. 153 per month plan too compared favorably against the Rs. 142-158 average revenue per user across the top three carriers.
Shares of Reliance Industries, Reliance Jio’s parent company, was up as much as 2.4 per cent.