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RIL shares plunge after TRAI orders Jio offer withdrawal

 

 

 
 

By Anirudh Saligrama

3journoanirudh

07 Apr 2017: The share price of Reliance Industries Ltd. (RIL) fell about 2.48% per cent during the trading session on Friday after the Telecom Regulatory Authority of India (TRAI) ordered the withdrawal of the ‘JIO SUMMER SURPRISE’ offer.

Shares of RIL were trading at 1424.10 per share (14.25 points down from yesterday’s close) during the opening of trade on 7th of April 2017.

The Company announced its ‘JIO SUMMER SURPRISE’ offer on 31st of March 2017 where all the Jio Prime Members got three months complimentary service in addition to the benefits of their purchased plan after their first recharge payment of Rs. 303 or higher plans.


Image Courtesy: IIFL

The TRAI ordered Reliance Jio Infocomm Limited, a subsidy of Reliance Industries Ltd. to withdraw the complimentary benefit.

RIL Further in its statement on company’s filing said that it shall fully comply the order passed by TRAI, over a next few days. However the customers who have subscribed to ‘JIO SUMMER SURPRISE’ offer prior to discontinuation will remain eligible for the offer, the company further said in its filing.

The stocks of Reliance Industries closed at 1405.95 (33.80 points down) during the end of the trade.

 

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