Idea Cellular posts 3rd straight quarterly loss amid Reliance Jio price war
Bengaluru: Idea Cellular Ltd, India’s No. 3 telecoms firm, reported a third straight quarterly loss on Thursday, reeling in the wake of a price war wrought by new entrant to the sector, Reliance Jio.
It made a net loss of Rs815 crore ($127.13 million) for the three months to 30 June, compared with a profit of Rs220 crore a year earlier. Income fell by about 14% to Rs8,182 crore.
Analysts on average estimated a loss of Rs671 crore, Thomson Reuters I/B/E/S data showed.
Reliance Industries, led by India’s wealthiest man Mukesh Ambani, entered India’s telecoms industry last year, spending more than $30 billion on Jio and upending the sector with cheap smartphones and data plans.Reuters