The cash-strapped Vodafone Idea shares plunged around 6 per cent to day’s low at Rs 5.63 per share for the second straight session amid the weak first-quarter results in the financial year 2021-22.

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On a year-on-year basis, the telecom company’s net loss narrows to Rs 7,319 crore in Q1FY22 on account of lower exceptional expenses, Vodafone Idea said in its result filing on Saturday. 

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The company in the same period a year ago had reported a net loss of Rs 25,460 crore due to provisioning for adjusted gross revenue dues liability. While on a sequential basis, the company’s net loss widened in Q1 from Rs 7,022 crore due to lower revenue, the telecom firm had said.

Similarly, it said the gross revenue fell by over 14 per cent YoY basis to Rs 9152 crore due to fall in subscribers and sequentially too revenue declined 4.7 per cent from Rs 9607 crore.

The company's customer base shrunk to 255.4 million subscribers, losing 12.4 million subscribers alone in the June-end quarter, it blamed the erosion to the second wave of Covid-19 pandemic.

The stock in the last two sessions has declined over 10 per cent from Rs 6.32 per share, while it fell to near 17 per cent in the last five trading sessions on the BSE. At 12:33 pm, it was trading almost 5 per cent to Rs 5.69 per share on the BSE, as against 0.07 per cent fall in the S&P BSE Sensex.

Credit Suisse has an Underperform call on Vodafone Idea, cuts target to Rs 4 piece. It says, the company needs meaningful capital infusion and strong operational improvement to become competitive.

Similarly, CLSA also maintains an Underperform call on Vodafone Idea, reducing the target to Rs 6 per share, also downgrades FY22-23 forecasts by 5-12 per cent.