Shares of Idea Cellular fell as much as 5.6 per cent in their biggest decline in a month.

The stock was among the top percentage losers on the NSE index.

The telecommunications operator posted its first quarterly loss after a new rival forced carriers to cut prices in the highly competitive market.

The company reported consolidated Dec-quarter loss of Rs 380 crore ($57.35 million), compared with a profit of Rs 660 crore last year.

Indian mobile industry saw unprecedented disruption in Oct-Dec quarter, mainly due to free voice and mobile data promotions by a new entrant, Idea had said on Saturday.

“Despite the short-term revenue pressure, it needs to remain aggressive on the 3G/4G rollout to maintain its competitive position,” Deutsche Bank analysts say.