JioGigaFiber launch: Shares of Hathway Cable, Den Network plunge

Shares of broadband services offering companies fell over 15 percent after Reliance Chairman Mukesh Ambani announced the official launch of new fiber-based broadband connectivity solutions JioGigaFiber at the 41st AGM of Reliance Industries on Thursday.

Mukesh Ambani stated that Jio will start giving out connections of its much awaited broadband service, Jio GigaFiber, starting on 15-August, on priority at locations with most requests.

Shares Hathway Cable Datacom Limited dipped by 15.40% in trade today, post announcement of launch JioGigaFiber connectivity.  Shares of the other broadband operator namely Den Networks Limited declined to its lowest level since January last year, down 10.73% to an intra-day low of Rs 66.55. Bharti Airtel down 0.83% and Sun TV Network fell 2.76% were also suffered losses in trade today.

In a high volatile trading session today, the stock of Reliance Industries Limited ended  lower at Rs. 965.00, down by 2.53 percent, while the benchmark BSE Sensex closed at 35,574.55, down 20.15 points or 0.10 percent, and the Nifty 50 down 20.15 points, or 0.19 percent, to close at 10,749.75.

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