New Delhi, Apr 7 (PTI) Shares of RIL fell by over 2 per
cent today, wiping out Rs 9,559 crore from its market
valuation, after Trai ordered its telecom arm Jio to withdraw
a three-month ‘complimentary’ offer.
The stock dropped 2.28 per cent to end at Rs 1,405.55 on
BSE. During the day, it lost 2.48 per cent to Rs 1,402.65.
At NSE, shares of the company slipped 2.21 per cent to
close at Rs 1,406.60.
Led by fall in stock price, the company’s market
valuation plunged Rs 9,558.77 crore to Rs 4,56,983.23 crore.
On volume front, 6.73 lakh shares of the company were
traded on BSE and over 72 lakh shares changed hands on NSE
during the day.
RIL shares fell today after a six-session strong rally
that witnessed the stock soaring by 15.5 per cent.
Trai ordered Reliance Jio to withdraw the three-month
‘complimentary’ offer of unlimited data usage and free calls
on payment of a minimum Rs 303.
The order came days after Jio announced that it has
clocked 72 million paid users and is extending its one-time Rs
99 payment membership programme Prime for 15 more days till
Reliance Jio said it accepts Trai’s decision and is in
the process of “fully complying” with the regulator’s advice.
Jio, which is known for its disruptive offers and
services, said it will be “withdrawing the three months
complimentary benefits of JIO Summer Surprise as soon as
operationally feasible, over the next few days”.
“However, all customers who have subscribed to JIO SUMMER
SURPRISE offer prior to its discontinuation will remain
eligible for the offer,” the company said in a statement.
Meanwhile, shares of other telecom players rose in an
otherwise weak market.
Idea Cellular rose by 0.92 per cent and Bharti Airtel
gained 0.83 per cent on BSE whose benchmark index Sensex
dropped 0.74 per cent to close at a one-week low.
This is published unedited from the PTI feed.