Vodafone Idea shares tank 27% over weak Q1

NEW DELHI: Shares of Vodafone Idea on Monday cracked 27%, eroding Rs 7,126 crore from its market valuation, after the company’s first quarter revenue as well as subscriber base declined. The scrip tumbled 27% to close at Rs 6.8 on the BSE. During the day, it tanked 29% to Rs 6.6 – its 52-week low.
On the NSE, shares dropped 27% to close at Rs 6.75 apiece. “Vodafone Idea’s Q1FY20 revenue fell by 4.3% quarter-on-quarter, belying recent hopes of stability,” according to a report by JM Financial Institutional Securities. Vodafone Idea on Friday narrowed its consolidated loss to Rs 4,874 crore for the June 2019 quarter.
The company had registered a loss of Rs 4,882 crore in the fourth quarter of 2018-19, Vodafone Idea said in a regulatory filing. The massive selling in its share price also wiped out Rs 7,126 crore from its market valuation on the BSE to to Rs 19,454 crore.