India's Vodafone Idea loses 73. 19 bn rupee loss

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The company, a joint venture between Vodafone Group and India's Idea Cellular said in a statement its revenue had declined on account of a slowdown in economic activity due to COVID 19 restrictions.

Revenue for the quarter through June fell from 106.59 billion rupees to 91.52 billion rupees a year earlier. Its subscriber base slipped to 255.4 million from 279.8 million a year earlier.

The quarterly loss of 73.19 billion compares with an average forecast of a 73.01 Billion rupee loss according to Refinitiv data.

The results come after the company's non-executive multi-millionaire non executive chairman, Kumar Mangalam Birla, stepped down last week, fuelling fears that the Indian wireless carrier may not survive a hefty bill it owes to the government.

Vodafone Idea owes around 500 billion rupees to them for the use of the airwaves and in licence fees over the next 10 years. The company has filed a review petition with India's Supreme Court after it refused to allow any recalculation of the dues.

In its statement, the company said it is currently in active discussion with potential investors for fund raising.

The company's financials have been hit by a price war since 2016 when Reliance Industries launched its telecom venture Jio Infocomm with free voice and lower-price data.

Vodafone Idea's stock has plunged more than 40% this year.