Meanwhile, the BSE Sensex was down 22.28 points, or 0.13%, to 17,467.80
On BSE, 15.57 lakh shares were traded in the counter as against an average daily volume of 8.84 lakh shares in the past one quarter.
The stock hit a high of Rs 66.75 and a low of Rs 64.40 so far during the day. The stock had hit a 52-week high of Rs 91.70 on 11 June 2009 and a 52-week low of Rs 44.45 on 16 March 2009.
The stock had outperformed the market over the past one month till 17 March 2010, rising 10.28% as compared to the Sensex's 6.46% rise. It also outperformed the market in the past one quarter, rising 10.85% as compared to the Sensex's return of 3.53%.
The large-cap telecom operator has an equity capital of Rs 3100.47 crore. Face value per share is Rs 10.
The current price of Rs 66.40 discounts the company's Q3 December 2009, annualised EPS of Rs 2.82, by a PE multiple of 23.54
Reportedly, the government-appointed special auditors stated that they have been unable to find any discrepancies in the books of accounts of Idea Cellular. The auditors did not find discrepancy in the company's accounts in practically all the 20 questions raised by the Department of Telecom (DoT). The special audit report was submitted to the government on 16 March 2010.
Boosted by this development the Idea Cellular stock had jumped 4.87% to Rs 62.40 on 16 March 2010 and 3.13% to Rs 64.35 on 17 March 2010.
However, in its 115-page report, Chhajed & Doshi, the special auditors appointed by the DoT, said that Idea Cellular Services may have to pay an additional Rs 74 crore to the government. But, at the same time, the auditors also added that Idea Cellular Services will not have to pay Rs 48 crore of this liability due to Telecom Disputes Settlement and Appellate Tribunal (TDSAT's) ruling that licence fee is payable only on actual realised revenues and not on notional revenues.
The special audit was ordered by the DoT last year on the country's top telecom service providers to verify if the firms had underpaid licence and spectrum charges to the government.
Idea Cellular's net profit fell 23.1% to Rs 218.38 crore on a 11.8% increase in net sales to Rs 2911.57 crore in Q3 December 2009 over Q3 December 2008.
Idea Cellular is a wireless telephony company operating in all the 22 telecom circles in India.