Idea Cellular tanks over 8 per cent on March quarter loss

Shares of Idea Cellular on Monday tumbled over 8 % after the company reported a consolidated loss of Rs 325.6 crore in the three months to March 2017.

The stock tanked 8.28 % to Rs 84.65 on the BSE. At the NSE, it slumped 8.44 % 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 % to Rs 8,194.5 crore, from Rs 9,500.7 crore a year ago.