New Delhi: Shares of Idea Cellular on Monday tumbled over 8 percent after the company reported a consolidated loss of Rs325.6 crore in the three months to March 2017.
The stock tanked 8.28% to Rs84.65 on the BSE. On the NSE, it slumped 8.44% to Rs84.55. The results were announced on Saturday.
The company had posted a profit of Rs449.2 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 Rs659.35 crore in the year-ago period.
Total revenues declined 13.7% to Rs 8,194.5 crore, from Rs 9,500.7 crore a year ago.
Updated Date: May 15, 2017 16:59 PM