Idea tumbles over 7% as Q3 profit dips

 Shares of telecom major Idea Cellular today slumped by over 7 percent to hit its one-year low level on the bourses after the company announced a decline in consolidated net profit for the quarter ended December 2015.

PTI| Updated: Jan 22, 2016, 12:35 PM IST
Idea tumbles over 7% as Q3 profit dips

Mumbai: Shares of telecom major Idea Cellular today slumped by over 7 percent to hit its one-year low level on the bourses after the company announced a decline in consolidated net profit for the quarter ended December 2015.

The stock plunged by 7.28 percent to hit its one-year low level of Rs 105.60 on BSE.

Also Read: Idea Cellular Q3 profit dips marginally to Rs 764.21 crore

At NSE, shares of the company tanked 7.41 percent to Rs 105.50 -- its 52-week low. Idea Cellular had yesterday announced a marginal decline in consolidated net profit at Rs 764.2 crore for the quarter ended December 2015 due to decline in voice and mobile data
rates.

The company had posted a net profit of Rs 767.06 crore for the same period a year ago.

"Despite the healthy subscriber growth, we have witnessed intense rate pressure. Our voice rate declined by 10.6 percent and mobile data rates by 17.2 per cent during the Q3 FY16," Idea Managing Director Himanshu Kapania said.

The net sales increased by 12.37 percent to Rs 9,009.69 crore during the reported quarter from Rs 8,017.47 crore.