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Telecommunication

India's telecom giants post $10bn loss amid fight against upstart Jio

Airtel and Vodafone warn court ruling threatens 'fragile' industry

India's debt-laden industry has been seeking a relief package from the government as operators such as Bharti Airtel and Vodafone Idea. (Photo by Takaki Kashiwabara)

MUMBAI -- India's telecom majors Bharti Airtel and Vodafone Idea have reported a combined $10 billion in quarterly net losses after making provisions to cover to a recent Supreme Court ruling ordering two companies to pay huge fees and penalties within three months.

Singapore Telecommunications-backed Bharti Airtel's loss burgeoned to 230.4 billion rupees ($3.2 billion) for the quarter, while Vodafone Idea recorded a loss of 509.2 billion rupees, the two companies announced on Thursday. According to local daily Business Standard, Vodafone Idea's loss is the highest-ever for an Indian company.

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