Vodafone Idea, Bharti Airtel jump as companies set to raise tariffs

NEW DELHI : Shares of Vodafone Idea and Bharti Airtel surged in early deals on Tuesday after both the companies announced raising service charges, effective 1 December. At 1000 am, the Vodafone Idea stock was 18% higher ₹5.26, while Bharti Airtel was nearly 5% up at ₹429.10.

BSE Telecom index soared 5.3% to 1,050.93 points.

The two companies, in separate statements on Monday, announced raising tariffs for the first time in more than a decade. The hike comes after a prolonged period of hyper-competition in India, where telecom tariffs are the cheapest in the world. The companies did not say by how much they plan to raise tariffs.