SINGAPORE (Nov 25): The price war between the three main Indian telcos appears to have eased after Bharti Airtel, Vodafone Idea and Reliance Jio announced mobile-data price hikes starting December.
This news would have come as a relief to Singapore Telecommunications, which has been weighed down by its 35% stake in Bharti Airtel. From being a major earnings driver among its overseas associates, Bharti Airtel became a drag on Singtel instead, as it waged a price war ignited by Reliance Jio.
Vodafone Idea and Bharti Airtel announced their hikes on Nov 18, followed by Reliance Jio a day later. On Nov 21, Singtel shares closed at $3.26, up four cents from Nov 18. Year to date, the stock has gained 13.1%.