Idea's net profit slumps 88% due to fierce competition

Idea Cellular in its Q2 results reported an 88% decline in its net profit as fierce competition in the telecom industry saw it offering cheaper voice and data plans.

The company's net profit declined to Rs 91.4 crore in Q2 FY17 from Rs 762.2 crore in the same quarter last year.

The total income increased by 8.1% to Rs 9,429.3 crore in Q2 from Rs 8,720.4 crore in the same quarter last year.

The companies net revenue grew a little to Rs 9,300.2 crore from Rs 8,675.3 crore in the same quarter last year.

Idea Cellular's shares on Monday closed 3.75% down or Rs 3, to stand at Rs 77 per piece.