Vodafone Idea creates history by declaring the highest quarterly loss on its results for Sep19. It declares a loss of more than 50K crores followed by Bharti shaving off 23K crores as a result of provisioning to meet Supreme court’s ruling on Adjusted Gross Revenue (AGR) dues.
Voda went a step ahead to declare that, they are ok to let the company go bankrupt while will not fund the losses any more. Bharti has said that, it has doubts on continuing to operate as a going concern.
This loss if goes on to a default, it will be staring at about a lakh crore of loan default to our bankers, where almost all of the names are in the basket of worry.
All of this losses just to make one persons greed a reality. Mukesh, in the need to be the dictator of Indian Telecom world, has attempted to ruin all those who are in the industry. Sad part is that, the government is supporting this ruthless massacre.
Money power along with greed is killing tonnes of public money. If suppose both these operators go under and Jio becomes the only operator, what will be the status?
Reliance, as their nature are with dictatorship mindset. They will kill everything to help them survive. Our population in the name of free service and low cost have made this monster get big in our country. Soon they will realise the disaster this monster is going to create in our country.
One would say that, it is normal competition and businesses go through such challenges. Competition is for sure good and healthy for both the business and economy. Here it is not ethical competition, to acquire market share and ensure that there are no other players left alive, through his money power and political clout, this one man is making the country