 "Idea Cellular weakens after Q4 net drops 39%")
Shares of Idea Cellular were down nearly 4% at Rs 122 on the Bombay Stock Exchange after it reported 39% drop in net profit to Rs 575.6 crore in the quarter ended March compared to Rs 941.8 crore in the same quarter last year because of increase in finance costs.
Finance costs for the quarter under review surged 174% to Rs 808 crore compared with Rs 291.6 crore for the quarter ended March 2015.
Net sales for the March 2016 quarter increased 13% to Rs 9,419.8 crore against Rs 8,338.8 crore in the same quarter last fiscal.
Average revenue per user (Arpu) was marginally lower at Rs 129 during March 2016 compared with Rs 135 in March 2015 quarter.
The stock opened at Rs 123 and touched a low of Rs 121. At 10:40am, over 3.2 million shares were traded on both the stock exchanges.
