Idea Cellular extends losses

Idea Cellular lost 0.52% to Rs 106 at 14:34 IST on BSE, with the stock extending sharp losses registered during the previous trading session after the execution of a large bulk deal on NSE.

Meanwhile, the S&P BSE Sensex was down 90.98 points or 0.34% at 26,752.05.

On BSE, so far 9.86 lakh shares were traded in the counter as against average daily volume of 11.55 lakh shares in the past one quarter. The stock lost as much as 2.2% at the day's low of Rs 104.20 so far during the day. The stock lost 0.14% at the day's high of Rs 106.40 so far during the day. The stock had hit a 52-week low of Rs 97.55 on 10 February 2016. The stock had hit a 52-week high of Rs 186.50 on 22 July 2015. The stock had underperformed the market over the past one month till 3 June 2016, sliding 11.06% compared with Sensex's 6.39% rise. The scrip had also underperformed the market in past one quarter, declining 1.57% as against Sensex's 9.09% rise.

The large-cap company has equity capital of Rs 3600.63 crore. Face value per share is Rs 10.

Shares of Idea Cellular have tumbled 10.43% in two trading sessions from its close of Rs 118.35 on 2 June 2016. The stock tumbled 9.97% in a single trading session to settle at Rs 106.55 on Friday, 3 June 2016, after US based private equity firm Providence Equity Partners through its arm P5 Asia Investments Mauritius Limited sold a large chunk of its holding in the company via a bulk deal on NSE. P5 Asia Investments Mauritius offloaded 12.50 crore shares of Idea Cellular at Rs 110.65 per share. Morgan Stanley Asia (Singapore) Pte bought 6.66 crore shares at Rs 110.41 per share in the same bulk deal.

As per the shareholding pattern of Idea Cellular as on 31 March 2016, P5 Asia Investments Mauritius Limited owned 24.50 crore shares constituting 6.81% stake in Idea Cellular.

Idea Cellular's consolidated net profit fell 38.9% to Rs 575.63 crore on 12.7% growth in net sales to Rs 9462.57 crore in Q4 March 2016 over Q4 March 2015.

Idea Cellular is one of the leading telecom operators in India. It is a part of the Aditya Birla Group.

Powered by Capital Market - Live News