Idea to bounce back from 52-week lows: PhillipCap

Idea Cellular reported disappointed set of  first quarter earnings yesterday where its net profit fell on the back of  huge financial costs.

Naveen Kulkarni of PhillipCapital told CNBC-TV18 that there is pressure on the company's balance sheet but it is manageable and despite the 52-week low, he does not see much downside in the stock price of Idea Cellular from current levels.

Compared to Bharti Airtel, Idea is likely to underperform in the near to medium term as the former is gaining market share in the current scenario, Kulkarni said.Watch video for more.