Shares of Idea Cellular tumbled 6.5 per cent today after the company's net profit declined by 39 per cent in the March quarter.
The stock plunged 6.52 per cent to settle at Rs 118.30 on BSE. During the day, it slumped 8.77 per cent to Rs 115.45.
On NSE, the scrip slipped 6.28 per cent to close at Rs 118.55.
Led by the decline in the stock, the company's market valuation fell by Rs 2,969.97 crore to Rs 42,594.03 crore.
On the volume front, 20.46 lakh shares of the company changed hands at BSE and over one crore shares were traded at NSE during the day.
Idea Cellular's net profit dived 39 per cent to Rs 575.6 crore in the said quarter due to a spike in finance costs.
The company had posted a net profit of Rs 941.8 crore in January-March period of 2014-15.
Revenue of the company, however, increased 12.6 per cent to Rs 9,483.9 crore during the reported quarter compared with Rs 8,422.5 crore a year earlier.
Net debt of the company as on March 31, 2016, stood at Rs 38,750 crore, including all deferred payment liability to be paid to the government for spectrum purchased in auctions.
For the entire fiscal, the company's consolidated net profit declined 3.5 per cent to Rs 3,079.9 crore, from Rs 3,192.9 crore a year ago.
