Vi falls further behind as Airtel closes in on Jio

NEW DELHI: If Reliance’s 2016 foray into telecom marked the beginning of this roller coaster tale, then the release of the second quarter’s financial results cues an intermission of sorts. When Jio entered the market, there were 11 other telecom service firms in India. Four years and a couple of bankruptcies later, Jio stands at the top and only two private sector rivals remain-Bharti Airtel and Vodafone Idea (recently re-branded Vi).

So far, Jio has remained ascendant in most key measures, but the second quarter marks a few crucial shifts. It was the first period since September 2019 where Airtel and Vi did not have to make onerous AGR provisions, paring down losses. Airtel’s quarterly net loss narrowed to Rs 763 crore from Rs 23,405 crore a year ago, while Vi reported a net loss of Rs 7,218 crore versus Rs 50,922 crore.