Idea Cellular tumbles on huge volumes

Idea Cellular lost 10.01% to Rs 106.50 at 12:25 IST on BSE, on reports that a private equity investor has pared its stake in the company through bulk deals today, 3 June 2016.

Meanwhile, the S&P BSE Sensex was up 55.38 points or 0.21% at 26,898.52

The stock dropped on huge volume. On BSE, so far 2.25 crore shares were traded in the counter as against average daily volume of 7.30 lakh shares in the past one quarter. The stock hit a high of Rs 113.60 and a low of Rs 104.85 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 2 June 2016, rising 0.68% compared with Sensex's 5.53% gains. The scrip, however, outperformed the market in past one quarter, rising 10.92% as against Sensex's 10.73% gains.

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

A bulk deal of 76.51 lakh shares was executed on the Idea Cellular scrip at Rs 111.20 per share at the opening bell on BSE today, 3 June 2016. As per reports, private equity investor Providence Equity Partners has offloaded almost half of its holding in Idea Cellular through bulk deals on BSE and NSE today, 3 June 2016. Providence Equity Partners through P5 Asia Investments (Mauritius) owned 6.81% stake in Idea Cellular as on 31 March 2016.

Idea Cellular's consolidated net profit fell 38.9% to Rs 575.63 crore on 10.6% growth in total income to Rs 9524.09 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.

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