Reliance Jio juggernaut continues to dent profits of incumbent operators

A JP Morgan report states that Jio keeps flourishing in a continually stressed industry, which is why telcos may continue to be in stress

Analysts and a leading incumbent operator were expecting the telecom industry to see robust growth again after it became a three-player market. They felt that in a three-operator scenario, all can co-exist with strong financials and around a similar percentage of market share.
 
However, it may not be the case if the Reliance Jio juggernaut continues to rage incumbents in an effort to improve its financial health.
 
Going by the recent revenue figures of the industry for the April-June quarter, Jio has become the second operator by revenues, overtaking Vodafone.
 
In fact, both Vodafone and Idea reported