Axiata's share price fall 67 sen after slipping into the red

PETALING JAYA: Axiata Group Bhd’s share price fell 13.21% this morning after the group announced that it had slipped into the red in the first quarter ended March 31, 2018.
At noon, the share price fell 13.21% or 67 sen to RM4.40 with 2.88 million shares traded, making it one of the top losers this morning. The stock fell 1.17% to close at RM5.07 yesterday with some 1.26 million shares done.
During the quarter, Axiata registered a net loss of RM147.41 million against a net profit of RM239.02 million a year ago due to the share of losses reported by its associate company Idea Cellular Ltd, amidst devastating price wars and a hyper-competitive Indian market.
The group recorded a non-cash dilution loss of RM357.6 million from non-participation of preferential new shares issued in Idea. Axiata holds a 16.3% stake in Idea.
The share of results from associates and joint ventures were also lower as the losses widened to RM86.1 million from RM30.5 million as the India associate continues to face intense market aggression.