It’s been the worst first six months in a decade for the S&P BSE Telecom Index as Reliance Jio Infocomm Ltd. continues to undercut larger rivals in the world’s second-largest telecom market.
The index declined nearly 29 percent in the first half of this calendar year compared to a 3.89 percent increase in the Sensex during the period. The last time the gauge fell more was in 2008 when it lost 35.5 percent in the first half.
The seasonality chart of July, however, offers hope. The index gained during the month nine of the last 10 times. The only exception being 2012. The average monthly returns for July have been around 6.5 percent in the last decade.
The index has started the month losing 2.6 percent in the first two days.