Idea Cellular slumps on March-quarter results

Rajalakshmi S Updated - January 11, 2018 at 08:41 PM.

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Shares of Idea Cellular fell on March-quarter results.

Shares of India's third largest operator, Idea Cellular Ltd fell, as much as 3.4 per cent to Rs 89.25.

The company has posted a consolidated net loss of Rs 328 crore ($51.2 million) for the March quarter compared with a profit of Rs 452 crore a year ago.

The results come after Bharti Airtel had last week reported its smallest quarterly profit in more than four years.

Free services offered by upstart rival Jio have sparked a price war in the sector, hitting margins and sparking consolidation.

Idea is in talks with Vodafone Group Plc's Indian subsidiary for a merger.

Up to Friday's close, the stock had risen 24.5 per cent compared with a 14.8 per cent increase in the NSE index.

Published on May 15, 2017 05:33