Shares of Aditya Birla Group-owned telecom company Idea Cellular Ltd plunged as much as 6.1 per cent to Rs 56.85, lowest since June 6 owing to delay in Vodafone India-Idea Cellular merger deal. The stock posted biggest intraday percentage drop since June 13 and was on track to post losses for a 5th straight session.
The mega-merger deal of Idea Cellular and Vodafone India may not meet the expected June 30 timeline as the telecom department is looking to raise a fresh demand of around Rs 4,700 crore. The demand will be raised from Vodafone India before its merger with Idea Cellular.
Vodafone India and Idea Cellular were not immediately available for comments. The companies had announced merger of their Indian operations last year, creating the country's biggest telecom operator after the entry of a new rival sparked a brutal price war.
Idea Cellular stock had fallen 44 per cent this year up to Friday's close.