Vodafone Idea stock plunges about 25% after weak Q1

Kolkata: Vodafone Idea’s shares plunged in early trade on Monday after weak results for the fiscal first quarter, which prompted analysts to fear that the telco could rapidly be relegated to a regional player if it fails to grow revenue in the coming quarters.
Shares in the mobile phone operator were trading 24.76 per cent lower at Rs 6.96 on the BSE Monday, having touched a 52-week low of Rs 6.81. The telco’s weak results also appear to rule out an early revival for the debt-laden telecom sector, they said.
The company’s “4.3 per cent on-quarter overall revenue decline, and an even higher 6 per cent wireless service revenue decline (in the April-June period) will take away the illusion of stability and hopes of a quick revival in the sector,” said Kotak Institutional Equities.