Fitch Ratings said on Monday that Vodafone India Ltd (Vi) may lose 50-70 million subscribers in the next year, after shedding 155 million customers in the past nine quarters.
The rating agency added that rival Reliance Jio and Bharti Airtel are expected to gain most Vi users and increase revenue share in the market.
Recently, Vi announced its plan to raise Rs 25,000 crore, in a combination of equity and debt, but Fitch speculates that this plan may not be able to restore the cash-strapped company's position and reverse the subscriber losses. The amount would prove insufficient for Vi's capital requirements.
Vi still owes more than Rs 50,000 crore to the government's department of telecommunications after having paid a small amount in adjusted gross revenue dues. The plan was taken up with an intent to procure sufficient amount to sustain operations for a maximum of two years.
The global credit rating agency also added in its report that Bharti Airtel and Reliance Jio are expected to increase their combined revenue share to 80% as Vi continues to lose subscribers at a faster pace after having lost 1.2 million users in August.
