Markets News

BUZZ-India's Vodafone Idea sinks 30% to record low after Q1 loss

(Updates shares, adds brokerage notes)

** Shares of Vodafone Idea Ltd extend losses, fall as much as 29.2% to a record low of 6.55 rupees

** Telecom company posted June-qtr net loss of 48.74 bln rupees ($707.15 mln) vs profit of 2.57 bln rupees last year; this compares to a loss of 48.82 bln rupees in the March qtr

** June qtr revenue slipped over 4% from the previous qtr to 112.70 bln rupees

** Vodafone Idea’s QoQ revenue decline cause of concern considering that the tariff scenario was stable - ICICI Securities

** Company seems to be bearing steep costs due to its synergy realization initiative, reflected in muted revenue and disappointing 4G adds - Ambit Capital

** ICICI Securities cuts PT to 9.6 rupees from 13 rupees, while Ambit Capital cuts to 9.4 rupees from 11.6 rupees

** Stock marks biggest ever intraday pct loss; around 377 mln shares change hands, vs 30-day avg of 54.8 mln shares

** Vodafone Idea shares down 59.43% this year as of last close, while rival Bharti Airtel has gained 16.7% ($1 = 68.9250 Indian rupees) (Reporting by Harish Bhaskar in Bengaluru)