Vodafone Idea plunges 29% to hit new low on weak June quarter result

Reliance Jio has now surpassed IDEA in terms of the subscriber base

Shares of Vodafone Idea tanked 29 per cent to Rs 6.60, also its new low on the BSE on Monday after the telecom services provider reported a consolidated net loss of Rs 4,874 crore for the quarter ended June 30, 2019 (Q1FY20). It had posted net loss of Rs 4,882 crore in March 2019 quarter (Q4FY19).

The company's revenue slipped 4 per cent at Rs 11,270 crore against Rs 11,775 crore in previous year quarter. The lower revenue was due to further decline in subscriber base (due to adoption of minimum recharge plan) and lower than expected increase in