Why did telcos’ active base shrink?

Active telecom subscribers fell by 4.4 million month-on-month (MOM) across all service providers, in July. Bharti saw its active base fall byl million, Jio by 1.1 million and VIL by 1.8 million. According to Jefferies, this drop in active users was “primarily driven by the 2.9-31m subscriber losses in B/C-circles’ and the brokerage added that this was offset by additions in the Metros and A-Circles. The analysts said that this could be an indication of S1M-consolidation in these circle, and added that the weakness in active subscriber base is only temporary. Moneycontrol