Idea Cellular shares drop on possible fine, permit loss report

Shares in Idea Cellular fell 7% in early trade on Tuesday, after the Economic Times said the mobile operator may lose permit in six regions and face fine on a recommendation of a legal officer.

A top law officer of the government has recommended the penalty saying Idea violated laws by holding more than 10% stake in two mobile companies operating in the same regions, the newspaper said.        

Idea told the Economic Times it did not breach any licence condition. 

By 9:24 am (0354 GMT), shares in Idea were down 4.9% at Rs59.90, after falling as low as 58.50, while the main Mumbai market was down 0.5%.