Environmental turbulence has become a regular phenomenon during recent years, due to a variety of reasons, like, rapid technological change, rising competition and globalization etc. Environmental turbulence is further aggravated by the phenomenon of ‘Interlocking Fragility’ arising as a result of interplay of forces of globalization and information & communication technology (ICT). Business firms have no option but to explore and even try to predict sources of emerging turbulence, examine its evolving impacts, and take proactive and flexible measures to respond to turbulent situations. This paper examines various dynamics of turbulence, issues and challenges which arise in managing environmental turbulence, and ways and strategies for managing environmental turbulence. The study is qualitative in nature. The study is based on analysis of existing articles, papers and case studies relating to various dimensions of turbulence. The study also covers the case of Indian telecom sector which is undergoing 4th level turbulence (Ansoff) due to ‘Business Market Innovation’ drivenmarket turbulence unleashed by Reliance Jio, technological change and regulatory unpredictability on the part of TRAI. The case provides insights into variousstrategies pursued by thes telcos for handling turbulence.