Reliance Jio 90 Days UNLIMITED Preview offer now available for Apple iPhone

"We have price points starting from INR 19 for the occasional data user, to a monthly INR 149 plan for the light data user and all the way up to a monthly INR 4,999 plan for the heaviest data user", Ambani said. But according to the experts, Idea has no other options than reducing its data and voice call tariff if it really wants to tackle the boosting influence of ultra-affordable 4G data plans of Reliance Jio.

It added however that users would perceive more value in RJio due to the unlimited offerings and free usage till December 2016, leading to strong demand for its services.

India s richest man Mukesh Ambani announced on Thursday that his Reliance Industries long-awaited 4G mobile services would finally launch this month, sending shares of rival Bharti Airtel plummeting nearly seven percent. Bharti Airtel's shares were down 9% in intra-day trades before recovering and ending the day with losses of 6.5% at Rs 310.15 on the NSE. Idea Cellular tanked 10.48 per cent to Rs 83.70 - its 52-week low on the BSE.

"Jio is a dedication to that Digital India dream of the Prime Minister, his vision for the 1.2 billion people of India", he had said.

The company is setting the target of acquiring 100 million customers in the "quickest time possible". Reliance has partnered around 20 smartphone manufacturers including Samsung, Micromax, and LG to bundle Jio SIM cards with free voice and data for three months.

Reliance Jio is the latest venture from India's richest man, Mukesh Ambani, who serves as chairman of the country's second most valuable company, Reliance Industries Limited.

Airtel-India's largest telecom company suffered an over Rs 11,000 crore in market cap erosion by noon.

Reliance Jio has already 1.5 million users on its 4G network, during the test phase.

The AGM comes at a time when the new entrant is locked in a dispute with the existing cellular operators on the points of interconnect.

While Reliance Jio launched trial 4G services in late 2015 for its employees and those of its affiliates and partners, its commercial launch has been repeatedly delayed.

  • Arturo Norris