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A JioPhone user can use the Jio Phone for 36 months, and can get a full refund of the security deposit of Rs 1,500 by returning the used JioPhone, Ambani added.

The scrip of Dish TV India plunged 5.85 per cent, Sun TV Network went down by 2.65 per cent, Hathway Cable & Datacom fell 2.58 per cent, GTPL Hathway (2.28 per cent) and Den Networks (0.13 per cent) on BSE.

JioPhone is a features phone which comes with 4G VoLTE connectivity and several Jio apps including Jio Cinema, Jio Music and JioTV. "TV would also hurt the cable TV industry", said Nitasha Shankar, Sr Vice President and Head of Research, YES Securities.

In an exciting Annual General Meeting of Reliance Industries Limited July 21, its Chairman and Managing Director Mukesh Ambani announced the launch of a zero cost "intelligent smartphone" and recommended 1:1 bonus shares for the company's shareholders.

Ambani said they plan to collect refundable deposit of Rs 1500 from users to protect misuse of the free offer. The deposit would be given back to a user after three years when the phone is returned. The cheapest network plan that a Jio feature phone user can buy, with free voice calls and 500 MB of data a day, is for ₹153 a month, ₹54 a week or ₹24 for a two-day plan. It could also address a major impediment to the expansion of India's mobile broadband market - the typically high cost of smartphones. Reliance Jio will give out JioPhone for user testing in beta from August 15.

India's disruptive new telecom entrant Reliance Jio, backed by the country's richest man Mukesh Ambani, unveiled a low-priced 4G-enabled phone on Friday to woo tens of millions of new clients, further destabilizing legacy telecom players.

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That's less than what the company was worth when it operated as a private "unicorn" in 2015. Just 12 trading days later, the company is worth less than $1.3 billion.

"The launch of the JioPhone will fulfill the dream of our founder Dhirubhai Ambani, and the Digital India vision of our Prime Minister Narendra Modi", Mukesh Ambani said. Reliance Jio JioPhone supports all Indian languages, which is likely to help while giving voice commands.

JioPhone is the first 4G enabled feature phone which is made in India. "Along with this accessory, users can opt for the existing Jio Dhan Dhana Dhan Rs 309 pack that would allow users to watch nearly three-four hours of videos daily, of their choice, on a large screen".

Reliance Jio JioPhone will ship starting first week of September, and pre-orders begin August 24.

Talking about Jio services, Ambani said: "Jio, in next 12 months, will cover 99 per cent of our country's population". He told shareholders that RIL will soon have over 10,000 Jio offices, in every city and tehsil in the country.

From 3,500 employees in 1997, RIL now has a total staff strength of 250,000 worldwide, Ambani added. "Majority have recharged on Jio's Rs 309 or higher plans", he added.