Indian broadband providers plunge after Reliance Industries launches fibre solutions

Den Networks

05/07/2018 07:54

** Shares of Indian broadband services providers DEN
Networks Ltd  DENN.NS  and Hathway Cable and Datacom Ltd
 HAWY.NS  fall 11 pct-18 pct
    ** Oil-to-retail conglomerate Reliance Industries Ltd
 RELI.NS  unveils new fibre broadband system across 1,100 cities
at its annual general shareholders meeting on Thursday
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    ** Reliance's telecom arm, Jio, entered India's
highly-competitive telecom market in late 2016 and disrupted the
space with free-voice and cut-price data plans, forcing rivals
to match its tariffs and dragging their margins lower
 urn:newsml:reuters.com:*:nL4N1PJ2CK    
    ** Hathway plunges 18 pct to 19.85 rupees, its lowest in
over six-and-a-half years
    ** Stock marks sharpest intraday pct drop since December
2017
    ** DEN Networks falls 11.4 pct to 66.8 rupees, its lowest
since January 2017

 ((Reuters Messaging:
chris.thomas.thomsonreuters.com@reuters.net))