Shares of Idea Cellular declined 6 percent intraday Monday on the back of poor Q2 numbers and sale of tower business to ATC Telecom.
The company board in its meeting held on November 13 has approved sale of entire shareholding in Idea Cellular Infrastructure Services, a wholly owned subsidiary, to ATC Telecom Infrastructure for Rs 4,000 crore.
The sale process to be completed by first half of 2018.
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The company in the quarter ended September 2017 (Q2FY18) has reported loss of Rs 1106.8 crore against profit Rs 91.5 crore in the same quarter last fiscal.
The company had reported loss of Rs 814.9 crore in the quarter ended June 2017.
The company's revenue was down 8.6 percent at Rs 7,465 crore against Rs 8,166.5 crore. EBITDA was down 19.9 percent at Rs 1,501.6 crore and EBITDA margin was down 290 bps at 20.1 percent, QoQ.
The average revenue per user was at Rs 132 against Rs 141.
Vodafone & Co is also going to sell its tower business in India to ATC. Vodafone will get Rs 3,850 crore post completion of deal.
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