Free offers by Reliance Jio cost telcos 11.7% in revenue

The growth in Mukesh Ambani-led Reliance Jio's subscribers and the free offers that the telco offered have resulted in an 11.7% annual decline in the industry's revenue, according to Jefferies. Jio effect was evident with the decline being maximum in metro and A circles where it has higher penetration. Notably, Airtel reported a 72% profit decline in the last quarter.