Idea Shares dropped almost 4 per cent in trade after reports that the company may spend as much as 4 per cent in the upcoming auctions.
According to reports in the Economic Times, Idea Cellular may splurge a whopping $1.3 billion ( Rs 8,627 crore approx) in adding data spectrum in key markets in the upcoming auction around July while market leader Bharti may selectively buy 4G airwaves in the coveted 700 Mhz band in a few circles, where it is cheaper than 900 Mhz spectrum, brokerage HSBC was reported to have said in an Economic Times report.
Shares in Idea were last trading at Rs 114.75, down 4 per cent in trade.
Investors continue to worry on increasing debts due to spectrum auctions. Most telecom operators are have heavy debts on their books and this has become a matter of concern for most investors.