Vodafone Idea shares drop, loses market share to Reliance Jio

Shares of Vodafone Idea fell as much as six per cent to Rs 13.6.

The company’s subscriber base declined to 334.1 million users at the end of March-quarter from 387.2 million users at the end of the December-quarter.

Jefferies analysts expect the company’s market share to fall to 20 per cent while Reliance Industries-owned Jio will become the dominant player with a 40 per cent market share in FY 21

Jio has been building a market share since its launch in 2016 by offering free calls and cut-price data plans, forcing rivals to respond with their own cuts and spurring consolidation