MUMBAI (NewsRise) -- Consumer spending on mobile phone services in India has hit a new low since the entry of billionaire Mukesh Ambani's Reliance Jio Infocomm about two years ago, underscoring the unrelenting pressure on the industry's profitability by a prolonged price war.
According to the Telecom Regulatory Authority of India, adjusted gross revenue for the industry, which is a measure of actual consumer spending, fell 13% to 357 billion rupees ($5.19 billion) in the three months ended in March. Kotak Institutional Equities estimates consumer spending on mobile phone services, after adjustments, to have fallen 13% to 298 billion rupees during this period.
