Telecom stocks, led by Idea Cellular came under selling pressure today, falling up to 5.3 per cent, amid concerns over increasing tariff war.
RCOM said the company is now insulated from the hyper competition and tariff pressures in the telecom sector as it had exited the business-to-consumer (B2C) space in January 2018.
Indian telecom revenues (adjusted gross revenues, AGR) fell another 7% quarter-on-quarter (QoQ) and are down 25 per cent from Q4 of 2015-16 levels, revealed a report.
Reliance Communications Ltd. settled a payment dispute with the local unit of Ericsson AB, allowing the debt-laden phone operator to proceed.
NCLAT allowed Reliance Communications to proceed with asset sales to Reliance Jio and Brookfield, for an aggregate value of Rs 18,100 crore.
The NCLAT will hear the plea of RCom which has challenged NCLT's decision to start insolvency proceedings against it on a petition by Ericsson.
The broader NSE Nifty was down 0.47 percent at 10,633 as of 0721 GMT (1251 IST), while the benchmark BSE Sensex was 0.49 percent lower at 35,977.89.
Some estimates peg the number of job losses in the sector, which has been passing through choppy waters after the launch of the aggressive offerings by the deep-pocketed Reliance Jio, at over 90,000.
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TOI & ET REPORTS