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Debt-led phone war may blow $74 billion hole in India's budget

People use smart phones in Dharamsala, India, on June 9, 2016. Photo: Sara Hylton/Bloomberg

Aggressive price wars that pushed some calls below a penny per minute in India may be catching up with wireless carriers.

Mountains of debt could hinder their bidding for airwaves in next month's auction, potentially blowing a $74 billion hole in the government's plans. One operator already said it will sit out the sale starting Sept. 29, and some competitors likely won't spend on certain wavelengths...

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