Jio impact: Bharti Airtel consolidated net income down 72%

Telecom sector has seen a massive churn in past few months with the entry of Reliance Jio

Amid stiff competition from Reliance Jio Infocomm, Sunil Mittal-led telecom giant Bharti Airtel suffered a 72 per cent plunge in its net income during the quarter ended March 2017. The company’s net income dropped to Rs 373.4 crore, while its revenue slipped to Rs 21,934.6 crore, Bharti Airtel said on Tuesday.

India’s telecom sector has seen a massive churn in the past few months with the entry of Mukesh Ambani-promoted Reliance Jio, especially as the latter has come up with attractive schemes and freebies and eaten into the subscriber base of older rivals like Bharti Artel, Vodafone and Idea Cellular.