Shares of Airtel rebounds as JioPhone launch not too disruptive

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.