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Reliance Jio’s new offer is not picking demand, and the momentum favours incumbents, a report by UBS Securities Asia has said. As per the March subscriber data released by the Telecom Regulatory Authority of India, Jio reported net adds of 5.8 million versus 12.2 million in February, with its market share inching up to 9.3 per cent versus 8.8 per cent in February.
“We are surprised to see lack of acceleration in March since Jio Prime offer was announced in the month,” UBS said in the report.
Airtel, Idea and Vodafone reported net adds of 3 million, 2.1 million and 1.8 million, respectively, versus 1.2 million, 1.2 million and 0.8 million in February, as all incumbents countered Jio’s prices.
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