Shares of Idea Cellular fell on March-quarter results.
Shares of India's third largest operator, Idea Cellular Ltd fell, as much as 3.4 per cent to Rs 89.25.
The company has posted a consolidated net loss of Rs 328 crore ($51.2 million) for the March quarter compared with a profit of Rs 452 crore a year ago.
The results come after Bharti Airtel had last week reported its smallest quarterly profit in more than four years.
Free services offered by upstart rival Jio have sparked a price war in the sector, hitting margins and sparking consolidation.
Idea is in talks with Vodafone Group Plc's Indian subsidiary for a merger.
Up to Friday's close, the stock had risen 24.5 per cent compared with a 14.8 per cent increase in the NSE index.