Idea gets 'cross connected'
Idea is the top loser on the BSE, going down to an intra day low at Rs.56.15, down over 7%. Its 52-week low is at Rs.50.05.
There is unconfirmed news going around that its deadline for the biggest telecom merger of India on 30th June, just 7 days away, could be missed. The merger is with Vodafone and if this goes through, the new entity, to be known as Vodafone India will have over 40 crore mobile customers and 41% market share of the revenue.
The reason for the delay in this merger completing is stated to be Vodafone planning to raise a fresh demand of around Rs.4700 crore – these are the dues to be paid on account of the one-time spectrum charges. DoT is reportedly asking the company to pay this up or give a bank guarantee before the merger with Idea