1. Idea Cellular volume spurts by over 50 times in today’s trade, shares plunge over 11%; here is why

Idea Cellular volume spurts by over 50 times in today’s trade, shares plunge over 11%; here is why

So far, around 224.25 lakh shares of Idea Cellular exchanged hands on BSE, more than 49 times the 2-week average of 4.54 lakh shares.

By: | New Delhi | Updated: June 3, 2016 5:13 PM
idea cellular shares Idea Cellular shares plunged as much as 11.40 per cent in the morning trade on Friday on reports that private equity firm Providence Equity Partners to sell about half its stake in Idea via a unit for up to Rs 1,400 crore.

Idea Cellular shares plunged as much as 11.40 per cent in the morning trade on Friday on reports that private equity firm Providence Equity Partners will sell about half its stake in Idea via a unit for up to Rs 1,400 crore.

At 1.08 pm, shares of Idea Cellular were trading 9.89 per cent down at Rs 106.65. The scrip opened at Rs 113.50 and has touched a high and low of Rs 113.60 and Rs 104.85, respectively, in trade so far.

Shares on offer represent 3.47 per cent of the total shares outstanding. Private equity firm owns 6.8 per cent stake in the telcom major, as of March 31, 2016, according to Thomson Reuters data.

Providence Equity Partners had bought a 15 per cent stake in Idea in 2006.

So far, around 232.30 lakh shares of Idea Cellular exchanged hands on BSE, more than 51.16 times the 2-week average of 4.54 lakh shares.

In the past one year, shares of Idea Cellular plunged 31.83 per cent to Rs 117.35 till June 1, whereas BSE Sensex slid 4 per cent during the same period.

Later, the scrip ended 9.97 per cent down at Rs 106.55.

For the quarter ended March 31, 2016, the company reported a consolidated net profit of Rs 575.63 crore, down 38.88 per cent, against Rs 941.77 crore in the corresponding quarter a year ago.

(With inputs from Reuters)

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