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Idea Cellular tanks over 8% on March quarter loss

Idea Cellular tanks over 8% on March quarter loss

New Delhi: Shares of Idea Cellular today tumbled over 8 per cent after the company reported a consolidated loss of Rs 325.6 crore in the three months to March 2017.

The stock tanked 8.28 per cent to Rs 84.65 on the BSE.

At the NSE, it slumped 8.44 per cent to Rs 84.55.

The results were announced on Saturday. The company had posted a profit of Rs 449.2 crore in the same period a year ago.

For Idea, this is the second consecutive consolidated loss on a quarterly basis as the company viewed October-April as “particularly harsh” and a “period of telecom discontinuity”.

For the December 2016 quarter, Idea posted its first-ever consolidated net loss of Rs 383.87 crore compared to a net profit of Rs 659.35 crore in the year-ago period.

Total revenues declined 13.7 per cent to Rs 8,194.5 crore, from Rs 9,500.7 crore a year ago.

PTI