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The growth of Reliance Jio subscriber base and its free offering till 2016-17 fourth quarter has led to a 11.7 per cent year-on-year decline (8.5 per cent quarter-on-quarter decline) in industry revenues, a report by Jefferies said here on Wednesday. Incumbents like Bharti Airtel, Vodafone India and Idea Cellular, who began to cut data rates even before Reliance Jio’s commercial foray in September 2016, reduced prices further even after the fourth quarter of 2016 in anticipation of losing more subscribers.
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