Telecom stocks drop; Bharti Airtel, Idea slip in trade

Telecom stocks dropped on Thursday after Mukesh Ambani said that Reliance Jio, the telecom arm of Reliance Industries Ltd, has added more than 25 million JioPhone users in India. "We are now taking the JioPhone to the next level, with added capabilities and functionalities," Mukesh Ambani said while addressing Reliance Industries 41st AGM today. Shares of top telecom operator Bharti Airtel dropped as much as 1%, while Idea Cellular Ltd fell 0.91% on the telecom index. Isha Ambani said that the Reliance is bringing WhatsApp, Facebook & YouTube to the Jio Phone. The company is launching 'JioPhone 2', and said the existing & the new model would be available side by side. JioPhone 2 will be available at an introductory price of Rs2,999 from August 15, 2018. The BSE Telecom index trading lower by 0.35% at 1,147 in the morning trade. Bharti Airtel Ltd is currently trading at Rs363.95 down by Rs2.5 or 0.68% from its previous closing of Rs366.45 on the BSE. Idea Cellular Ltd is currently trading at Rs55.05 down by Rs0.1 or 0.18% from its previous closing of Rs55.15 on the BSE. Bharti Infratel Ltd is currently trading at Rs298.85 down by Rs1.45 or 0.48% from its previous closing of Rs300.30 on the BSE

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