Idea Cellular is on a roller coaster ride. The stock hit a new high during the day at Rs.186.90 and now it is almost 6% down at Rs.169 and it actually went down to Rs.166 levels.

The stock first hit a high after it became a part of the benchmark Nifty index and at these levels, it saw profit booking. The market is also spooked by the fact that in this spectrum auction, it picked up more than double of which it needs in the 1800 Mhz band and it was the top bidder in the latest round of auctions, with a total commitment of Rs.30,306 crore.

The company will be using the deferred payment facility and is expected to pay Rs.7,732 crore as upfront payment. The balance has to be paid in 10 equal annual instalments, with a moratorium of 2 years.