Telecom stocks are reacting negatively as Reliance Chairman Mukesh Ambani announced tariff plans of Reliance Jio. Shares of Idea and Bharti fell 3-4 percent intraday on Thursday. Addressing shareholders, Ambani says that RelianceJio’s base rate for data will be one tenth of current market prices. Reliance Jio roaming charges will be ‘Zero’ within India. All domestic voice calls are free.

Rel Jio aims to acquire 100 million customers.