Weakness was seen across KPIs. The overall subscriber base declined by ~8 million to 271.8, with churn rate increasing to 2.6% (vs. 2.0% in Q1FY21). The 4G sub base saw a modest addition of ~1.5 mn QoQ to 106.1 million. Even the post-paid sub base at 21.2 mn was down by 0.3 mn QoQ, clearly reflecting the weak competitive positioning. We note that ARPU growth of 4.4% QoQ, was largely owing to benign base of Q1, wherein recharge unavailability and extension had led to decline. Similarly, capex at | 1040 crore (vs. ~| 600 crore) was underwhelming, considering coverage/capacity...