Jio tariff hike impact: Reliance, Bharti Airtel jump, Vodafone Idea share falls 2.5%

Stock market today: Following the telecom tariff hike announced by the Indian telecom majors Reliance Jio and Bharti Airtel, telecom stocks reacted to the news during early morning deals. Today, Bharti Airtel's share price opened upside at ₹1,536.25 per share and touched an intraday high of ₹1,536.25 apiece on NSE. Likewise, Reliance's share price also surged as Jio's business is linked to Reliance Industries Limited (RIL). However, Vodafone Idea share price witnessed selling pressure in early morning deals. Vodafone Idea share price today opened upside at ₹19.10 apiece on NSE, but soon came under the sell-off heat and touched an intraday low of ₹17.91 apiece, losing around 2.50 percent against Thursday's close of ₹18.52 per share.

Reliance share price hits new peak

Extending the bull trend for the fourth straight session, Reliance's share price today opened upside at ₹3,062.05 apiece on NSE and surged to an intraday high of ₹3,129.85 per share, bettering its previous peak of ₹3,075 per share, made on Thursday. While climbing to this new peak, Reliance shares touched a new high for the third straight session.

Bharti Airtel share price hits new high

After Reliance Jio announced a telecom tariff hike on Thursday, Bharti Airtel also declared a tariff hike on Friday, which fueled buying interest in the telecom major. As a result, Bharti Airtel's share price opened with an upside gap and touched an intraday high of ₹1,536.25 per share on NSE. While climbing this intraday high, Bharti Airtel shares touched a new lifetime high during Friday morning deals.

Vodafone Idea share price under pressure

However, Vodafone Idea's share price witnessed a rapid decline in early morning deals. Today, it opened with an upside gap at ₹19.10 apiece on NSE but quickly came under selling pressure, touching an intraday low of ₹17.91 apiece. This rapid decline led to a loss of around 2.50 percent within a few minutes of the stock market's opening bell, highlighting the swift and dynamic nature of the stock market.

Reliance Jio new tariff plan

The Reliance Industries Limited subsidiary company has raised the prices of its existing plans from monthly to annual. There are six monthly plans. The existing monthly plan of ₹155 has been revised to ₹189, and other plans in the category have been revised.

The two-month plan of ₹470 has been revised to ₹579, and the three-month plan has been revised from ₹395 to ₹479.

Bharti Airtel raises tariff plan

Bharti Airtel ahs also raised telecom tariff plans for its users. the telecom major declared about the tariff hike saying, "welcome the announcements in the industry to repair tariffs. Airtel will also revise its mobile tariffs as indicated below, from July 3rd, 2024. We have ensured that there is a very modest price increase (less than 70p per day) on the entry level plans, in order to eliminate any burden on budget challenged consumers."

For pre-paid users, Bharti Airtel has raised ₹179 unlimited voice plan to ₹199, ₹455 plan to ₹509 and ₹1799 to ₹1999.