Idea Cellular shares dip nearly 3% after Q3 earnings

New Delhi: Shares of Idea Cellular fell by  nearly 3 per cent after the company logged a consolidated net  loss of Rs 383.87 crore for the December 2016 quarter.  The stock went down by 2.67 per cent to end at Rs 107.40  on BSE. During the day, it slipped 7.56 per cent to Rs 102.  At NSE, shares of the company dipped 2.89 per cent to  close at Rs 107.25.  Following the decline in the stock price, the company’s  market valuation fell by Rs 1,061.86 crore to Rs 38,682.14  crore.

On the volume front, 21.42 lakh shares of the company  were traded on BSE and over one crore shares changed hands at  NSE during the day.  Telecom operator Idea Cellular on Saturday logged a  consolidated net loss of Rs 383.87 crore for the December 2016  quarter compared to a net profit of Rs 659.35 crore in the  year-ago period, hurt by newcomer Reliance Jio’s free voice  and data promotions.

Total income also has decreased to Rs 8,706.36 crore for  the quarter, from Rs 9,032.43 crore in the same period in the  previous year, as per a BSE filing.