Vodafone-Idea Not Quitting Six Circles Where It Lost Revenue Market Share, Denies BofA Merill Lynch's Report

Vodafone-Idea Limited (VIL), in a statement, denied reports of closing down six exiting circles, namely, Bihar, Himachal Pradesh, Odisha, Jammu & Kashmir, North-East and Assam, The Economic Times reports.

Earlier, a Bank of America Merril Lynch report said that the teleco was likely to exit the six circles in C-Circle after consequently losing revenue market share with share below 20 per cent.

According to financial investment management company- JM Financial, Idea lost revenue share in most of the circles where the merger of Vodafone and Idea had happened.

JM also said that telecom sector entrant Reliance Jio, which overtook Vodafone-Idea to become India's largest operator at the expense of VIL and other smaller telecoms.

“We categorically deny and dismiss this speculation as completely baseless and factually incorrect. Vodafone Idea remains committed and will continue to serve its millions of customers in these circles,” the VIL said.