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Idea Cellular Sinks 9% On Reports Of Providence Stake Sale In The Company
Shares in Idea Cellular fell 8 per cent, after CNBC TV 18 reported that Private Equity Fund, Providence will sell its stake in the company.
The shares of Idea were last trading at Rs 108.95, down 9 per cent in trade.
Shares in telecom stocks have not been doing well over the last few years, as regulatory hangover continues.
Most of these stocks are saddled with heavy debts on their books, with margins being under pressure due to low rates.
Emerging competition from the likes of Reliance Jio has only compounded worries for investors.
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