Shares of Idea Cellular today plunged 7 per cent, wiping out Rs 2,321 crore from its market valuation, after the company reported a consolidated loss of Rs 325.6 crore in the three months to March 2017. The stock slumped 6.99 per cent to settle at Rs 85.85 on BSE. During the day, it dived 8.28 per cent to Rs 84.65.
At NSE, shares of the company plunged 6.82 per cent to close at Rs 86.05. The company’s market valuation fell by Rs 2,321.14 crore to Rs 30,955.86 crore. In terms of volume, 37.54 lakh shares of the company were traded on BSE and over 4 crore shares changed hands at NSE during the day.
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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.