Jio disruption continues: Idea Cellular records Rs 815 crore loss in Q1
Mumbai: 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 8.15 billion rupees ($127.13 million) for the three months to June 30, compared with a profit of 2.20 billion a year earlier. Income fell by about 14 percent to 81.82 billion rupees.
Analysts on average estimated a loss of 6.71 billion rupees, 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.