Reliance Industries shares gained as much as 3.47 per cent to Rs 1,360 on Wednesday after the Telecom Regulatory Authority of India (Trai) in a report said that Reliance Jio, telecom unit of Mukesh Ambani-led Reliance Industries, added maximum number of wireless subscribers in the month of April, 2017.
Reliance Jio has added 3.9 million subscribers in the month of April, a month-on-month growth of 3.56 per cent. Jio's subscriber addition was ahead of market leader Bharti Airtel and Vodafone, which added 2.85 million and 7.56 lakh wireless subscribers in April, the telecom regulator said.
Analysts say Jio's aggressive pricing has helped it amass a huge subscriber base in a short period of time. Reliance Jio launched its services in September last year and began to charge customers from April. Reliance Industries has invested around $25 billion in Jio, analysts added.
As of April 30, 2017 Reliance Jio's total subscribers stood at 11.26 crore, up from 10.86 crore in March, according to the telecom regulator. Jio's market share in terms of wireless subscribers stood at 9.58 per cent up from 9.29 per cent at the end of March, 2017.
Reliance Industries shares closed 3.28 per cent higher at Rs 1,357.50, to be the top gainer in Nifty. Trading volume in the counter also surged with 34.89 lakh shares changing hands compared to its 2-week average trading volume of 1.81 lakh shares.
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