Idea shares down nearly 4% on disappointing Q2 show

Shares of Idea Cellular on Monday fell nearly 4% after the company posted a loss of Rs 1,106.80 crore for the second quarter this fiscal.

The scrip ended at Rs 93.55, down 3.61% on BSE. During the day, it tanked 5.92% to Rs 91.30. At NSE, the stock closed 3.76% lower at Rs 93.35.

In terms of equity volume, 29.40 lakh shares of the company were traded on BSE and over 2 crore shares changed hands at NSE during the day.

Idea Cellular today posted a loss of Rs 1,106.80 crore for the second quarter of the current fiscal, saying that the business was hit by pricing pressure and GST introduction in a "challenging" operating environment.

The company -- which is headed for a merger with Vodafone India -- had reported a net profit of Rs 91.5 crore in the July-September quarter of the last fiscal.

"The operating environment for Indian mobile operators remained challenging with unrelenting pressure on pricing, introduction of Goods and Services Tax at 18 per cent (compared to service tax at 15 per cent) and need for large investments to support the exploding data demand," Idea said in a statement.

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