Airtel, Idea, Vodafone stocks are down, after Mukesh Ambani’s Reliance Jio launch.

Mukesh Ambani ‘Gandhigiri’ ‘Jio’ sims are causing lot of troubles for other telecom companies, as Bharti Airtel, Idea Cellular and Vodafone stocks are plummeting ever since, Reliance Industries Chairman Mukesh Ambani elaborated on the features and benefits of his telecom venture Reliance Jio. The free voice calls, cheaper data rates and 25% discounts for students, may cost no money for Reliance Jio customers but it costs a large sum of money for its rival companies.

While addressing the company’s 42nd annual general meeting (AGM), Ambani said, “Jio’s pricing is about solving customers’ pain points and customer should pay only for one service – voice or data.” He announced that all voice calls for Jio customers will be absolutely free. “No Jio customer will ever pay for voice calls to any network in India and roaming charges will also be zero,”Ambani said.

Shares of Bharti Airtel and Idea Cellular were trading 5.92 per cent and 6.74 per cent down at Rs 312.20 and Rs 87.20, respectively at 11.42 am. Reliance Communication shares were trading 1.02 per cent down at Rs 53.35 at 11.34 am, while Reliance Industries shares were trading 0.51 per cent up at Rs 1063.40. Sensex was trading 5.49 points down at 28,446.68 at 11.31 am.

Giving details about Reliance Jio’s data plan, Ambani said Jio’s base data tariff will cost one-tenth of existing rates being charged currently and will be charged Rs 50 per GB, Rs 149 a month for light data users. This is expected to dent the business of Bharti Airtel and Idea Cellular. He further added that students to get 25 per cent more data.

Ambani further announced that Reliance Jio will be commercially launched on September 5, 2016.

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