When any well-heeled and experienced new competitor enters a market, especially with a business plan that includes offering big discounts and a different platform,  other contestants are likely to face some disruption.

That appears to be the case in India, where Reliance Jio is launching its mobile service. Equity values for Bharti Airtel and Idea Cellular, a couple of the incumbent service providers, have been dipping since July 2015.

Investors might signaling an expectation that Reliance Jio will cause revenue and profit damage at the incumbent firms.