Idea Cellular falls on Dec-quarter loss

Last Updated: Mon, Feb 13, 2017 10:28 hrs
Idea Cellular

Idea Cellular's shares fall as much as 5.6 pct in their biggest decline in a month; stock among top pct losers on the NSE index.

Telecommunications operator posts its first quarterly loss after a new rival forced carriers to cut prices in the highly competitive market.

Co reports consolidated Dec-qtr loss of 3.8 bln rupees ($57.35 mln), compared with profit of 6.6 bln rupees last year.

Indian mobile industry saw unprecedented disruption in Oct-Dec qtr, mainly due to free voice and mobile data promotions by a new entrant, Idea said on Saturday.

"Despite the short-term revenue pressure, it needs to remain aggressive on the 3G/4G rollout to maintain its competitive position," Deutsche Bank analysts say.