Business
Reliance Jio battles falling share of active users on network
Reliance Jio, Mukesh Ambani’s Indian mobile operator, is battling a falling share of active customers even as the company touts its breakneck growth to attract billions of dollars from top foreign investors. Four-year-old Jio has used rock-bottom prices to become India’s largest operator with its customer base soaring to 397m in June, the most recent month for which data is available.
This enormous footprint helped Mr Ambani, Asia’s richest man, this year sell stakes in Jio worth $20bn to 13 global investors, including Facebook and Google.
Yet Jio has faced a slide in the portion of active users in its subscriber base even as its total subscriber numbers have continued to grow. Jio’s share of active users fell in June to close to a three-year low of 78 per cent from 84 per cent a year earlier, according to data from the Telecom Regulatory Authority of India. TRAI defines active users as the peak number of subscribers connected to the network at a given time during that month. That meant 87m of Jio’s users were inactive at the time of TRAI’s measurements.
Airtel and Vodafone Idea use narrower definitions of revenue-generating, active customers, which helps to boost their revenues per user. Jio, however, gives its investors a broader figure based on the total that it reports to TRAI.
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Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.
As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.
Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.
Congress demands JPC probe
Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.
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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.
He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.
The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.
“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.
Other Oppn leaders join attack
Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.
Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.
ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%
Adani stocks latest updates
The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.
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