The BSE Telecom index was trading under pressure at 934 levels, down ~3% in Tuesday’s morning session after Chairman and Managing Director Mukesh Ambani on Monday addressed the shareholders of the company at its 42nd annual general meeting (AGM).
Bharti Airtel was contributing majorly to the index’s losses, followed by Vodafone Idea and Tata Comm., which were also in the negative zone on the BSE.
RIL Chairman Mukesh Ambani on Monday has announced that the new Jio Fiber service, will go live from September 5. The service will start at Rs700/ month to Rs10,000/month.
Jio Fiber users will get a free subscription to several OTT platforms. The list has not been announced as yet.
The CMD announced that Jio will offer connectivity and cloud computing free to startups. Startups will have to register for this on Jio.com. The service will be made available from Jan 2020.
Further, Mukesh Ambani revealed a roadmap to becoming a zero net debt company in the next 18 months.
Among the other constituents of the index, Sterlite Technologies, Onmobile, RCom, HFCL, Infratel and GTPL were up for the day.