Idea sees first annual loss of â¹404 crore on Jio competition
India's third largest telecom firm Idea has registered its first-ever annual loss of â¹404 crore for 2016-17, against a profit of â¹2,714 crore in 2015-16. The company's revenue also declined 13.7% year-on-year to â¹8,194 crore in the March quarter. The loss came after free offerings of Reliance Jio sparked a price war, forcing rivals like Idea to launch cheaper plans.