Vodafone Idea, Bharti Surge on Plan to Raise Mobile Tariffs
- Rates to rise for first time in three years starting December
- Vodafone Idea reported a $7.1 billion quarterly loss last week
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Shares of Vodafone Idea Ltd. and rival Bharti Airtel Ltd. rallied after the wireless carriers said they planned to raise tariffs starting next month, the first increase since the entry of billionaire Mukesh Ambani into India’s telecommunications market in 2016 triggered a price war.
Vodafone Idea surged as much as 30% in Mumbai on Tuesday, while Bharti Airtel rallied as much as 6.6%. Reliance Industries Ltd.’s shares rose more than 3% to a record on optimism Reliance Jio Infocomm Ltd. will also benefit from higher tariffs.