Idea sees first loss in 10 years due to Reliance Jio
Telecom major Idea Cellular has reported its first quarterly loss in over 10 years due to entry of Mukesh Ambani-led Reliance Jio, which forced carriers to cut prices in the highly competitive market. The company posted a net loss of ₹384 crore. Notably, Vodafone confirmed it is in discussion with Idea for a merger to create India's largest telecom company.