Reliance Jio 4G announcement cost Airtel & Idea Rs 12000 crore| Oneindia News

Mukesh Ambani's 45 minute speech caused the shares of telecom giants Airtel and Idea to crash. Shares of market leader Bharti Airtel fell over 9 per cent, while Aditya Birla Group-owned Idea Cellular shares sank as much as 11 per cent to 52-week low. Together, the two companies shed around Rs 15,600 crore in market capitalization at the day's lows. Mr Ambani announced an offer that enables customers to enjoy data, voice, video all for free, till December 31, 2016.

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