Jio's u-turn on voice calls lifts Vodafone Idea, Bharti Airtel shares
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India, Oct. 11 -- Shares of Vodafone Idea Ltd. and Bharti Airtel Ltd. surged after the wireless carrier controlled by billionaire Mukesh Ambani said it will end free voice calls on its network.
Vodafone Idea rallied as much as 18% before ending the day with a 6% gain at the highest price since August. Bharti climbed 5% to the highest level since April last year, while Reliance Industries Ltd.'s shares rose for a third day.
Reliance Jio Infocomm Ltd. will charge customers 6 paise per minute for calls made to rival networks till such time that the telecom regulator moves to a zero termination-charge regime, the company said after market on Wednesday. Jio users, however, will be compensated with free data of similar value.
The move "seems...
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