Vodafone Idea has seen its cumulative market share slide, since the two separate entities merged last year
India’s second largest telco, Vodafone Idea, has been forced to deny reports that it is set to pull out of 6 locations across India, as it continues to lose market share.
Vodafone Idea has lost significant numbers of subscribers, since its official merger late last year. The company now has around 320 million subscribers, according to its latest financial report, after losing 14 million subscribers in the first quarter of the 2019/20 financial year.
A new report, published by Bank of America Merril Lynch, suggested that Vodafone Idea could be looking to exit six key telecoms circles where it has a less than 20 per cent market share. Over the weekend, Vodafone Idea issued a statement to the press, categorically denying the suggestions and reiterating its commitment to provide mobile network services right across the sub-continent.
“There has been reportage in some media that Vodafone Idea may exit six circles Himachal Pradesh, Bihar, Odisha, Jammu and Kashmir, North East and Assam. We categorically deny and dismiss this speculation as completely baseless and factually incorrect. Vodafone Idea remains committed and will continue to serve its millions of customers in these circles,” the company told journalists from the Financial Express.
Last month, Vodafone Idea announced that its CEO, Balesh Sharma, had resigned his position with immediate effect, citing unspecified personal reasons as the motivation for his departure.
“I would like to thank Balesh for his leadership and the successful integration of the two businesses. Under Balesh’s stewardship, Vodafone Idea has realised a significant proportion of the synergies in a much shorter timescale than originally estimated. I wish him every success in his next role," said Kumar Mangalam Birla, Chairman Aditya Birla Group and Vodafone Idea Limited.
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