Idea scrip tanks 4% on weak Q2 nos

Telecom firm Idea Cellular today plunged nearly 4 per cent in the early session on BSE, a day after it reported weak second quarter results.

Shares of the company started the day on a negative note and lost as much as 3.89 per cent to touch an early low of Rs 69 on the Bombay Stock Exchange.

Yesterday, the private telecom services provider had posted a consolidated net profit of Rs 179.74 crore for the second quarter ended September 30, which according to market experts was below the market expectations.
    
The scrip saw a similar decline on the National Stock Exchange, where it lost up to 2.58 per cent to Rs 69.75 in the morning session.
    
Idea Cellular had a net profit of Rs 220.15 crore in the July-September quarter last year.
    
Its share price tumbled even as Idea specified the September quarter figures were not comparable with that of the corresponding period last year, due to the merger of Spice Communications Ltd, effective from March 1, 2010, prior to which it was a joint venture.
    
Shares of another telecom services provider Tata Teleservices (Maharashtra) also shed 4.5 per cent at the start of the session, even after its net loss for the quarter ended September 30, narrowed to Rs 97.90 crore from Rs 107.98 crore in the year ago period.
   
Meanwhile, the 30-share benchmark Sensex was trading higher by 10.39 points at 20,313.51.