The stocks of telecom majors, Bharti Airtel and Idea Cellular, have recovered after previous day’s fall after TRAI recommended Reliance Jio to withdraw its ‘summer surprise’ offer. The stocks of Bharti Airtel and Idea Cellular are trading up with 2.2% and 2.1% gains respectively.
The Telecom Regulatory Authority of India (TRAI) advised Reliance Jio against a quarter’s complementary benefits entailed in its summer surprise offer. The offer contained service for the initial three months on complementary basis to the subscribers who have subscribed for Rs 303 plans or bigger plans. The paid tariff plans would start after three months of subscription i.e. in July.
Jio has duly accepted the advice and is likely to withdraw the offer in next couple of days. However, the subscribers who are currently availing the offer would continue to benefit from the same. Jio has been dampening the margins of other peers in the industry since it had launched free voice and data plans in September 2016, which were extended to March 31, 2017.