Shares of Vodafone Idea fell nearly 12 per cent on Monday after Bharti Infratel extended the deadline for its merger with Indus Towers by two more months to April 24. The delay in completion of the deal came as a blow to Vodafone Idea as it was eyeing about Rs 5,500 crore from stake sale in Indus Towers. Vodafone Idea holds 11.15 per cent stake in Indus Tower.
On the BSE, the stock hit an intra-day low of Rs 3.82, down 13.18 per cent. It settled the day with a loss 11.82 per cent at Rs 3.88. Riding on hopes of selling stake in Indus Tower and paying some amount of pending statutory dues to the government, the shares traded higher in early market hours.
However, after the announcement of delay in the merger by two more months, Vodafone Idea shares traded on a lower note for most part of the trading session. The stock gained as much has 13.86 per cent and lost 13.18 per cent during the day on the BSE. Similar trend was seen on NSE, where the scrip after fluctuating between a high of Rs 5.05 and a low of Rs 3.80, finally settled at Rs 3.85, down 12.50 per cent over previous close.
More than 67 crore shares of the company were traded on the NSE, while over 10 crore shares were exchanged on BSE. Vodafone Idea has to pay Rs 53,000 crore in statutory dues to the government and so far it has paid only Rs 3,500 crore.