Idea Cellular drops on massive early volume

Idea Cellular lost 3.34% to Rs 166.60 at 09:20 IST on BSE after multiple block deals were executed on the counter in opening trade on BSE today, 4 September 2014.

Meanwhile, the S&P BSE Sensex was down 7.56 points or 0.03% at 27,132.38

Multiple block deals boosted volume on the Idea Cellular scrip. On BSE, so far 8.90 crore shares were traded in the counter as against average daily volume of 7.78 lakh shares in the past one quarter.

The stock hit a high of Rs 170.45 and a low of Rs 166.10 so far during the day. The stock hit a record high of Rs 188.35 on 15 October 2013. The stock hit a 52-week low of Rs 125.10 on 28 February 2014.

The large-cap company has equity capital of Rs 3596.15 crore. Face value per share is Rs 10.

Reportedly US-based private equity (PE) investor Providence Equity Partners has reduced its stake in Idea Cellular through block deals today, 4 September 2014. As of end of 30 June 2014, Providence Equity Partners held 33 crore shares or 9.31% stake in Idea Cellular through P5 Asia Investments (Mauritius). The Idea Cellular stock had settled at Rs 172.35 on Wednesday, 3 September 2014.

Idea Cellular's consolidated net profit surged 57.4% to Rs 728.20 crore on 15.6% growth in total income to Rs 7560.99 crore in Q1 June 2014 over Q1 June 2013.

Idea Cellular is the third largest wireless operator in India. It is part of Aditya Birla Group.

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