NEW DELHI: Aditya Birla group’s Idea Cellular stocks fell 6% in intraday trade on Bombay Stock Exchange (BSE), following a report indicating that the telecom department may raise a fresh demand of Rs 4,700 crore ahead of Idea-Vodafone proposed merger.
This is expected to delay the proposed merger between UK-based Vodafone and India’s third-largest telco Idea Cellular.
Vodafone India dues stand at around Rs 4,700 crore related to one-time spectrum charges (OTSC) on the company. Department of Telecom (DoT) will ask Vodafone to either clear dues or furnish bank guarantee before merger with Idea, a PTI report quoting source Sunday said.
Opened at Rs 60.05 per piece, Mumbai-based Idea Cellular’s shares hit a low of Rs 56.25 on the BSE at 11:00 am.
Both Idea Cellular and Vodafone India were expecting to conclude the merger by the mid of 2018, to create India’s largest telecom company, replacing market-leader Bharti Airtel.