Telecoms languish as rival Jio extends free services

Last Updated: Fri, Dec 02, 2016 11:01 hrs

** Indian telecom stocks extend losses; Bharti Airtel Ltd drops as much as 1.3 percent after it fell about 3 pct in the previous session

** Among other decliners, Idea Cellular slips as much as 2.5 percent, while Reliance Communications slides as much as 1.5 pct

** Reliance Industries on Thursday announced a three-month extension to an offer of free data and voice services by its telecoms unit Jio

** Jefferies says extension of the free offer likely intended to buy time to "gain customer stickiness" to its offering

** Incumbents' usage trends would remain subdued in 2HFY17 due to Jio and impact of demonetisation in Q3, Citi says

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