Reliance loses over $1 bn on Jio’s profitability concerns

Following concerns over profitability returns from Jio's operations and delay in Reliance’s core projects due to it, the company lost over $1 billion in market-cap on Friday. "16 million subscribers in first month do not excite us… they may lack persistency," HDFC Securities stated. Notably, the TRAI data recently showed that Reliance Jio offers the slowest 4G service in India.