Tata Teleservices looks to shut mobile operations in India

It appears that Tata Teleservices is preparing to exit the mobile market in India.

According to TRAI, the national regulatory authority, Tata had 42,094,961 mobile subscribers as of the end of July, down by 1.6 million in only a month.

On Monday, Tata Sons Chairman N Chandrasekaran told The Economic Times, said the business was in "really bad shape".  It carries a debt of Rs 31,000 crore debt in addition to spectrum liability. It looks increasingly likely that the company will sell off its network assets and cease operations. No timelines were given.