Cable Stocks Fall After Reliance Jio’s ‘Effectively Free’ Phone
Why shares of direct-to-home and cable television service providers fell.
Shares of direct-to-home and cable television service providers fell after Mukesh Ambani unveiled a Rs 1,500 4G feature phone with a streaming service.
JioPhone TV Cable allows users to connect it to TVs and stream content. Users can also opt for the Jio Dhan Dhana Dhan pack for Rs 309 per month, giving them the option of watching three to four hours of videos of their choice daily on a large screen.
The move pits Reliance Jio against companies such as Dish TV India, Sun TV and Hathway Cables, which fell 2-6 percent intraday. The move comes a day after its parent Reliance Industries Ltd. bought a 24.9 percent stake in movie and TV show maker Balaji Telefilms Ltd. for Rs 413 crore.
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