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BUZZ-India's Idea Cellular slumps on Vodafone merger approval, reversing gains
March 20, 2017 / 8:59 AM / 6 months ago

BUZZ-India's Idea Cellular slumps on Vodafone merger approval, reversing gains

(Updates shares, adds details)

** Telecom services provider Idea Cellular Ltd reverses course to fall as much as 14.57 pct to 92.35 rupees, lowest since Jan 30

** Stock top pct loser on broader NSE index

** Shares rose as much as 14.25 pct immediately after news of amalgamation of Vodafone India and its unit Vodafone Mobile Services Ltd with co

** But traders, after factoring in the terms of the deal and the shareholding of both companies, expressed concerns about how the merged entity would value Idea’s stake

** Around 140 mln Idea shares change hands, more than 5 times the 30-day average volume

** Up to Friday’s close, stock had risen about 45.8 pct this year

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