A day after Idea Cellular posted dismal second quarter results, shares of the Aditya Birla Group firm today got battered and witnessed its 52-week low level in early morning trade on the bourses.
Idea Cellular today opened on a weak note at Rs 59.05, despite the uptrend on the Bombay Stock Exchange and then lost further ground and touched an intra-day low of Rs 53.30, a dip of 13.75 per cent from its previous closing price.
Similar trend was witnessed on the National Stock Exchange, where the scrip opened at Rs 61.10, touched an intra-day low of Rs 52.10, a fall of 15.83 per cent from its last close.
Brokers said the decline in the stock was largely due to the disappointing second quarter earnings of the company.
The company yesterday announced a profit after tax of Rs 144.10 crore for the second quarter ended September 30, a 45.22 per cent decline over the corresponding period a year ago. Idea Cellular had a PAT of Rs 263.10 crore in the second quarter of FY08.
Total revenue rose to Rs 2,303.70 crore for the quarter under review, from Rs 2,178.10 crore in the same period last year.
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For six months ending September 30, the company reported a PAT of Rs 407.20 crore, a 23.01 per cent dip over the year-ago period. The company had a PAT of Rs 528.90 crore in the corresponding period last fiscal.
On the volume front good movement was witnessed as over 15.80 lakh shares exchanged hands on the BSE and 45.62 lakh shares got traded on the NSE. The scrip, however, gained some momentum and was trading at Rs 55 on the bourses at 11.17 am.