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Business trends

Mobile price war drains India's top 3 carriers

No.4 Jio's aggressive rate-cuts bite Airtel, Vodafone and Idea profits

A woman waits at a bus stop with an advertisement of Reliance Jio in Mumbai. The telecom unit of conglomerate Reliance Industries has jolted the mobile service market in India.   © Reuters

MUMBAI -- India's top three mobile carriers continued to take a hit from the price-cutting offensive by Reliance Jio Infocomm in the April-June quarter.

Bharti Airtel, Vodafone India and Idea Cellular sustained a decline in earnings, while the telecom arm of energy conglomerate Reliance Industries enjoyed a surge for the three-month period. A relative newcomer to the industry, Jio began its service in 2016. It has since put downward pressure on India's mobile rates, which were already among the lowest in the world.

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