Mobile operator Idea Cellular today slipped about 4% in the morning trade on the BSE in the wake of Telecom Ministry considering cancelling the licence of the company in two states.
Jittery investors offloaded the company's shares on the Bombay Stock Exchange (BSE) where the stock fell by 4.1% to touch an early low of Rs 63.
However, later, the scrip managed to trim some of its initial losses and was trading at Rs 64.30, down by 2.13% during the noon trade.
Similarly, on the National Stock Exchange, Idea lost 4.1% to touch a low of Rs 63.
Telecom regulator Trai has recommended to the Department of Telecom (DoT) cancellation the licences of Idea in Karnataka and Punjab circles.
According a DoT note, "As per Trai's recommendation, as on date (December 22, 2010) these licences are in violation of terms and conditions pertaining to roll-out obligations."