Market Gives a Thumb Down to Bharti Airtel and Vodafone, People React to Tariff Hike Initiated by Jio

The Indian telecom giants Reliance Jio and Bharti Airtel recently raised their tariffs, which significantly impacted the stock market and invitied reactions from netizens. During early morning trading, telecom stocks showed a range of movements as these modifications were announced.

Details of the New Tariff Plans

Jio’s Revised Tariffs

Starting July 3, Jio will implement its new tariff rates, impacting over 472 million users. The revised plans are as follows:

• The Rs 155 plan will increase to Rs 189.
• The popular Rs 239 monthly plan, offering 1.5 GB of data per day, will now cost Rs 299, reflecting a 25% hike.
• The annual package will see the largest increase, going from Rs 2,999 to Rs 3,599.
• The smallest increase is Rs 34 for the Rs 155 plan with 28 days validity.

Moreover, unlimited 5G data will only be available with plans that offer 2GB/day data or more once the price hike is in effect.

Bharti Airtel’s New Rates

Bharti Airtel has also revised its tariffs, affecting both prepaid and postpaid plans. The changes include:

• The Rs 179 monthly plan will now cost Rs 199, offering 2GB of data per day, unlimited calling, and 100 SMS per day.
• The Rs 1,799 annual plan will rise to Rs 1,999.
• Daily data add-on plans will start at Rs 22, up from Rs 19.
• Postpaid plans will range from Rs 449 to Rs 1,199, with daily data plans starting at Rs 265.

Stock Market Reaction to Tariff Hikes

Bharti Airtel Share Price Movement

Bharti Airtel's share price began the day on a high note, opening at ₹1,536.25 per share on the NSE. However, despite reaching this peak, the stock experienced a downturn, trading at ₹1,437.75 by 3:14 PM, marking a 4.94% decline. This fluctuation reflects the market's mixed reaction to the announced tariff hikes.

Vodafone Idea Faces Selling Pressure

Vodafone Idea, which has yet to announce new tariff plans, faced selling pressure from the start of the trading day. Its stock fell by approximately 8%, reaching ₹17.64 around noon.

Impact on Reliance Shares

Reliance Industries Limited (RIL), closely linked with Jio, saw a positive response in the stock market. Opening at ₹3,062.05 per share, Reliance's stock climbed to an intraday high of ₹3,129.85. This increase extended the bullish trend for the fourth consecutive session, setting a new high for the third straight day.

Netizens React on X (Formerly Twitter)

Netizens responded quickly to the announcement of the new tariffs. A lot of people voiced opinions on X. Some discussed the impact on their data use and others expressed concerns about the rising rates.