Updated November 20th, 2019 at 14:59 IST

Amid telecom woes, Vodafone Idea & Airtel's rally enters 4th consecutive day

Amid the telecom woes, Vodafone Idea & Airtel's rally entered its fourth consecutive day on Wednesday.

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Shares of Vodafone Idea and Bharti Airtel remained in heavy demand on Wednesday, with the former surging up to 32 per cent, after announcing a hike in the mobile phone call and data charges from December. Vodafone Idea shares zoomed 31.72 per cent to Rs 7.93 on the BSE. This is the fourth consecutive day of the rise in Vodafone Idea shares. During this time, the scrip has more than doubled.

About Airtel' gain

Bharti Airtel also rose 3.11 per cent to hit its 52-week high of Rs 452.95, registering its fourth consecutive day of gain. In four days, the stock has gained 24.90 per cent. Faced with intense competition and unprecedented statutory dues, Bharti Airtel and Vodafone Idea on Monday announced a hike in the mobile phone call and data charges from December saying the increase was warranted for the viability of their business.

Read: Vodafone Idea, Airtel lose over 49 lakh users while Jio, BSNL gain new subscribers: TRAI

Read: Vodafone Rs 129 plan live amidst telco’s shutdown rumours

"To ensure that its customers continue to enjoy world-class digital experiences, Vodafone Idea will suitably increase the prices of its tariffs effective December 1, 2019," Vodafone Idea had said. The telecom sector is highly capital-intensive with fast-changing technology cycles that require continuing investments, Bharti Airtel said. "It is, therefore, extremely important that the industry remains viable to support the vision of Digital India. Accordingly, Airtel will appropriately increase price offerings in the month beginning December," it added. 

Read: Vodafone likely to shut down India operations: Experts concerned, key developments so far

Read: Vodafone Rs 199 unlimited plan now seemingly live in more regions 

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Published November 20th, 2019 at 13:21 IST