Vodafone Idea reports biggest quarterly loss in Indian history |
After recommitting itself to the India market, telecom firm Vodafone Idea on Thursday reported a record loss of Rs 50,921 crore for the September quarter, as it made a provision for the Supreme Court`s ruling on payment of average gross revenue dues, even as ongoing brutal pricing war continued to hurt. Earlier in the day, telecom major Bharti Airtel posted a loss of Rs 23,044 crore for the quarter ended September 30, due to Rs 28,450 crore provisions towards adjusted gross revenue dues. The company`s quarterly loss is the worst ever in the history of India Inc. Before this, Tata Motors had posted a loss of Rs 26,961 crore for the December quarter of 2018. On Thursday, a day after stating that Vodafone`s operations in India were in a `critical situation`, CEO Nick Read wrote a letter to Telecom Minister Ravi Shankar Prasad expressing regret over his statement, while stating that Vodafone remains committed to the India market as sources said the government had expressed its displeasure over his statements. Vodafone operates via a joint venture with Idea Cellular in India. According to sources, Mr. Read stressed in the letter that Vodafone had confidence in the India growth story and remains committed to the market.
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