 "A man walks past a shop displaying Idea Cellular Ltd's logo on its shutters in Mumbai")
Idea Cellular pared initial losses to gain as much as 2.1% on value buying after the company on Thursday posted a loss of Rs 815.9 crore in the first quarter ended June 30, missing estimates as Reliance Jio triggered a price war in the Indian mobile telephony market.
The company had reported a net profit of Rs 217.1 crore in the corresponding quarter last year. This is the company’s its third net loss in succession. Revenue for India’s No. 3 mobile phone operator also fell nearly 14% on year to Rs 8,166.5 crore.
Idea attributed the steep decline
The company had reported a net profit of Rs 217.1 crore in the corresponding quarter last year. This is the company’s its third net loss in succession. Revenue for India’s No. 3 mobile phone operator also fell nearly 14% on year to Rs 8,166.5 crore.
Idea attributed the steep decline
