New Delhi, Mar 21 (PTI) Continuing to fall for the second
straight session today, Idea Cellular stock plunged nearly 8
per cent after it agreed to merge with Vodafone India to
create the country’s largest mobile phone operator worth more
than USD 23 billion.
Even after a positive opening, the stock failed to hold
on the momentum and lost 7.63 per cent to Rs 90.15 as the
trade progressed on BSE.
On NSE, shares of the company tanked 7.77 per cent to Rs
In the previous session also, the stock had lost nearly
10 per cent.
The British firm will own 45.1 per cent of the merged
entity while the Aditya Birla group, Idea’s parent company,
will own 26 per cent after paying Rs 3,874 crore cash for a
4.9 per cent stake, the two firms announced at a press
The remaining 28.9 per cent will be held by other
The Idea-Vodafone merger will create a strong player, but
multiple challenges from the deal, including breach of
spectrum holding and revenue marketshare cap, will have to be
resolved in a fixed timeframe, ICRA said yesterday.
Analysts are of the view that the competition in the
industry is unlikely to subside in the medium term despite the
This is published unedited from the PTI feed.