Reliance Shares Drop As Farmers Gear Up For Jio Sim Porting
Tribal activist Hansraj Meena tweeted: 'You do not have any award which can be returned in support to the farmers. You get your #JIO SIM ported, you will get the feel of returning an award'.
It is clear that the impact of the growing boycott can be seen on Reliance's share prices as well. When the stock market opened on the morning of the Dec 11th, where the price of one share of Reliance was Rs 2035, it fell to 1999 till the market closed. The farmers' boycott is a turning point for Reliance Jio, which has added new users to its network every month since its launch in September 2016. As of September 2020, Reliance Jio had a 35.19 percent market share, followed by Bharti Airtel with 28.44 percent and Vi with 25.73 percent. Now, it will be interesting to see if the data related to TRAI's subscriber data shows any decline in Jio's user base due to this movement. However, according to experts, if the public participation in the farmers' agitation intensifies and more people join the boycott, then Reliance may have to pay a heavy price.
Protests were held around Australia today supporting farmers in India pushing back on Modi and Adani’s farm laws which farmers say will make them vulnerable to exploitation. The #StopAdani campaign stands in solidarity with Indian farmers #WeUnitedForFarmers #IStandWithFarmers pic.twitter.com/qRsmPqP68L— Stop Adani (@stopadani) December 11, 2020