NEW DELHI: Shares of Idea Cellular today dived by nearly 6 per cent after the company posted a loss
of Rs 815.9 crore in the first quarter ended June 30.
The scrip lost 5.77 per cent to Rs 87.30 on BSE. At NSE, the stock tumbled 5.60 per cent to Rs 87.55.
The telecom company yesterday posted a loss of Rs 815.9 crore in the first quarter ended June 30, impacted by sustained pressure from disruptive tariffs of Reliance Jio.This is the third straight quarter loss for the Aditya Birla group firm as it has not been able to recover from the pressure of aggressive tariff war triggered by Mukesh Ambani-led Reliance Jio Infocomm.
Idea Cellular had posted a profit of Rs 217.1 crore in the same period a year ago.Total revenue of Idea also declined by about 14 per cent to Rs 8,181.7 crore in the reported quarter from Rs 9,552.4 crore in the corresponding period of 2016-17.