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Cable TV companies’ shares tank as Reliance announces JioGigaFiber

Shares of cable TV companies like Siti, Hathway and DEN Networks tanked on Thursday as Reliance announced its home broadband offering, JioGigaFiber, which comes with access to TV channels provided by Reliance’s JioTV app, Moneycontrol reports. DEN’s share price fell by 11% while Hathway slid by 18%. Here’s how the share prices reacted for DEN:

And here’s Hathway:

Jio’s fiber-to-the-home (FTTH) efforts have been on beta in a few thousand homes. The company said that on August 15th, users will be able to register interest for the service. The company will prioritize neighbourhoods with high demand but will be simultaneously doing the rollout in over a thousand cities. No tariffs were announced for JioGigaFiber. This could be because the company may price differentially across different cities depending on the costs that come with each neighbourhood.

ReadWhatsApp, YouTube, and Facebook on JioPhone; telco announces fiber broadband

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