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Idea Cellular dips 6% post Q2 numbers, tower sale to ATC Telecom

The telecom firm posted its fourth straight quarterly loss on Monday

SI Reporter  |  New Delhi 

Idea

Shares of shed 6% on Monday after the telecom major reported a poor set of numbers for the September quarter, and announced sale of to along with  

The stock dipped as much as 6% to Rs 91 on the National Stock Exchange (NSE). 

The posted its fourth straight quarterly loss on Monday, as it struggled with the aggressive pricing structure brought in by upstart rival Reliance Jio.

Net loss after tax came in at Rs 1107 crore for the quarter ended September 30, compared with a profit of Rs 91.50 crore a year earlier, said in a filing to BSE.

Consolidated revenue for the quarter stood at Rs 7,465.50 crore, compared with Rs 8,166.50 crore in June quarter and Rs 9,300.30 crore in the year-ago quarter. 

The company also informed that its board has approved sale of its standalone held by 'not a material subsidiary' Infrastructure Services (ICISL) to Infrastructure, a subsidiary of American Tower Corporation. is also going to sell its in India to ATC. The company will get Rs 3,850 crore post completion of deal. 

First Published: Mon, November 13 2017. 10:13 IST
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