Telecom stocks drop as Reliance Jio enters 2G race
Source: IRIS | 16 Jan, 2014, 01.20PM
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Telecom majors Bharti Airtel, Idea Cellular and Reliance Communication dropped Thursday on concern that Reliance Jio Infocomm's participation in the upcoming spectrum auction will hurt profitability of telecom companies. Reliance Jio, a unit of Mukesh Ambani's Reliance Industries and seven other companies will bid for 2G spectrum starting Feb. 3, 2014. Shares of Idea Cellular plunged the most with fall of 5.79% followed by Bharti Airtel (4.12%) and RComm (3.55%) on Thursday at 1.11 pm.
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