Idea Cellular falls 8% from day's high on profit booking

Idea Cellular has dipped 4.4% at Rs 172, falling nearly 8% from its intra-day high on the profit booking. The stock hit a fresh 52-week high of Rs 187 on the BSE in early morning trade.

In past one month, the stock had rallied 17% compared with 4.5% fall in the benchmark S&P BSE Sensex till yesterday.

Meanwhile, Idea Cellular said that the total spectrum bid made by the company is valued at approximately Rs 30,100 crore.

The company will be availing of the deferred payment facility offered by the Government and likely to pay Rs 7,732 crore as upfront payment, and the remaining amount in 10 equal annual installments starting after a moratorium of 2 years.

The company has successfully retained the crucial 900 MHz spectrum and won 54 MHz of 900 MHz Spectrum, out of overall win of 79.4 MHz Spectrum, for nine of its leadership service areas covering over 73% of the company’s revenues, Idea Cellular said in a press release.

IDEA Cellular Limited