Hitting redial

With Vodafone Idea under pressure, promoter entities buy stock worth ₹370 million

As Reliance Jio consolidates its grip on the telecom sector, its competitors continue to lose market share and revenue. Vodafone Idea’s Q1FY20 topline dropped 4% (QoQ) to Rs.112.65 billion due to erosion of subscriber base. Even the introduction of minimum recharge plan for prepaid customers wasn’t of much help as the company’s revenue was dented because of the loss of 14 million customers in the first quarter of FY20. The average revenue per user (ARPU) also remained subdued at Rs.108 up marginally from Rs.104 in the last quarter. An all-round poor performance meant a quarterly loss of Rs.49.32 billion.