Bharti Airtel shares today hit a 52-week high of Rs. 435 while Vodafone Idea rose 25% in early trade. The rise comes after the firms announced plans to hike tariffs. Reliance Communications, however, has hit a 52-week low today and shares are currently trading at Rs. 0.55.
At 1:00 pm today, Bharti Airtel shares were up 6.31% at Rs. 434.95, while Vodafone Idea shares were up by 26.85% at Rs. 5.67 on BSE.
According to the stock exchange's data Vodafone Idea's shares had hit a 52-week low of Rs. 2.61 on November 15.
Vodafone Idea and Bharti Airtel recently posted a combined loss of over ₹73,000 crores in the second quarter. Yesterday the two companies said that they will increase tariffs from December 1.
"The acute financial stress in the telecom sector has been acknowledged by all stakeholders and a high-level Committee of Secretaries (CoS) headed by the Cabinet Secretary is looking into providing appropriate relief,” Vodafone Idea said in a statement. The company's 50,921 crore loss in the second quarter is the highest-ever for a corporate in India.
Airtel too announced their tariff hike soon after. Calling the telecom sector "highly capital intensive with fast-changing technology cycles that require continuing investments", the company said that it too would appropriately raise price offering from the beginning of December.