They have fallen sharply by up to 11% in intra-day trade, which wiped out Rs 16,997 Cr from their market valuation after RIL chief Mukesh Ambani read out aggressive plans for Reliance Jio network. Reliance Industries was not lucky enough as during the day, shares fell by 3% to Rs 1,026.25, knocking Rs 10,295 Cr off its m-cap. It ended 2.73% lower at Rs 1,029.15.

Telecom stocks hit by severe selling pressure

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