An assistant for Reliance Jio Infocomm Ltd. center, speaks to a customer inside a store at the Nehru Place IT Market in New Delhi, India on Tuesday, May 30, 2017. Reliance Communications Ltd.'s credit rating was cut deeper into junk territory by Moody's Investors Service, which cited its weak operating performance, high leverage and fragile liquidity position. Reliance Communications' troubles come amid intensifying competition among mobile phone carriers in India, fueled by the entry of Reliance Jio, launched by India's richest man Mukesh Ambani. Photographer: Sanjit Das/Bloomberg
MUMBAI: India’s richest man Mukesh Ambani said Friday that his telecoms venture Jio would launch a free smartphone, escalating a price war that is shaking up the country’s ultra-competitive mobile market.
The announcement, made at a boisterous Reliance Industries annual general meeting in Mumbai, sent shares in rival telecoms operator Bharti Airtel plummeting almost 6%.
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