Reliance Jio tariff hike boosts telecom stocks, Airtel shares climb 5.8%

Reliance shares jumped as much as 3.8% on Monday to hit a fresh all-time high, before closing 3.3% higher

Shares in the country's wireless operators rose sharply on Monday after Reliance Industries Ltd’s Jio telecom unit increased mobile data tariffs, raising hopes of an easing in the cut-throat competition that has eroded profits in the sector.

Top-ranked Bharti Airtel Ltd rose to a more than eight-year high and Reliance hit a record on the first day of trading since Jio’s announcement last week of new high-end data tariffs that effectively raise prices by as much as 20 per cent.

Jio, backed by India’s richest man Mukesh Ambani, has up-ended the world’s second-biggest mobile services market by users with aggressive marketing and