<b>Street signs</b>: Traders caught on wrong foot in Idea Cellular stock

Dabba trading in stocks, commodities and foreign exchange resumed after a gap of nearly two months

The surprise postponement of results by telecom operator Idea Cellular has caught traders on the wrong foot. Idea had announced that it would declare its December quarter results on January 23. On January 19, the company postponed its results without announcing the new date. 

“Many traders had built up short positions in the counter, anticipating weak numbers due to the impact of Reliance Jio and demonetisation. The trades had to be squared off, triggering a huge short-covering in the stock,” said a trader.      

                   

Samie Modak

Dabba