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Mobile operator Idea Cellular slipped by over 4 per cent in the morning trade on BSE today in the wake of the Telecom Ministry considering cancelling the licence of the company in two states.
Jittery investors offloaded the company’s shares on BSE where the stock fell by 4.10 per cent to touch an early low of Rs 63.
However, later, the scrip managed to trim some of its initial losses and was trading at Rs 64.30, down by 2.13 per cent during the noon trade.
Similarly, on the National Stock Exchange, Idea lost 4.10 per cent to touch a low of Rs 63.
Telecom regulator TRAI has recommended to the Department of Telecom cancellation the licences of Idea in Karnataka and Punjab circles.
According a DoT note, “According to TRAI’s recommendation, as on date (December 22, 2010) these licences are in violation of terms and conditions pertaining to roll-out obligations.”
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