Reliance Jio's big announcement: How rivals, market reacted

Here's how industry, market and rivals responded to the development:

Stocks
Telecom stocks came under selling pressure on Tuesday, led by Airtel which lost 4 per cent, after Reliance Jio Chairman Mukesh Ambani announced a slew of offers, including 20 per cent more data than any rival from April. Shares of Bharti Airtel declined by 4.02 per cent to end at Rs 360.55 on BSE. During the day, it lost 4.27 per cent to Rs 359.60. Idea Cellular went down by 0.37 per cent to close at Rs 108.30 after falling 1.88 per cent to Rs 106.65 in intra-day. Shares of Reliance Industries Ltd on the other hand rose by 1.36 per cent to close at Rs 1,088.25.

Relief for association
The Cellular Operators Association of India (COAI) expressed relief that newcomer Reliance Jio has announced "price points" for data services post April 1, which although "aggressive" will not bleed the industry. COAI said the pricing along with customer experience determined by a telecom network's ability to take data traffic load will differentiate the winners from losers going forward. "They have announced the pricing for the services, which is a good news for the industry, at least they have started charging ... Our members will be giving their response but as an industry observer I can say that the industry will be relieved that price points have been announced. They are aggressive but not bad," COAI Director General Rajan S Mathews said.

'Trai overlooked non-compliance by Jio'
Vodafone Mobile Services Ltd on Tuesday told the Delhi high court that Reliance Jio Infocomm Ltd (RJIL) had failed to comply with the regulatory framework by offering promotional tariffs beyond the stipulated 90 days period. Vodafone said that RJIL’s offers were not in compliance with the principles of interconnect usage charges (IUC) as the company was extending free voice calls as part of the scheme.