Broadband stocks fall as RIL announces launch of JioGigaFibre

Stock Market of broadband and cable TV operators like Hathway Cable & Datacom, Den Networks and Siti Networks have tanked up to 18% after the Reliance Industries announced the launch of Jio Gigafibre.

Hathway Cable & Datacom hit a 52-week low of Rs 19.85, down 18% on the BSE in intra-day trade. Den Networks plunged 11% to Rs 66.05, trading close to its 52-week low of Rs 65 touched on August 11, 2017, while Siti Network was down 5% at Rs 13.12 on the BSE. Bharti Airtel too was down 1.1% at Rs 362.30.

Reliance Industries' Chairman and Managing Director Mukesh Ambani today announced plans to launch ultra high speed fixed line broadband services for homes and enterprises. The service will be called 'JioGigaFiber'.

Speaking at the company's 41st annual general meeting, Ambani said the service will provide ultra high definition entertainment on TV, voice activated assistance, virtual reality gaming and digital shopping as well as smart home solutions.