Idea Cellular dips 7% after huge block deal

In past one month, the stock had outperformed the market by surging 47% till Monday.

Idea Cellular has dipped 7% to Rs 107 on the BSE after more than 3% of total equity of telecom services provider changed hands with block deal.

At 09:15 am, around 123.8 million shares representing 3.4% of total equity of Idea Cellular changed hands on the BSE, the exchange data showed.

The stock was trading at Rs 110, down 4% on the BSE at 09:26 am. A combined 149 million shares, representing 4.1% of total equity of Idea Cellular, have changed hands on both the exchanges.

In past one month, the stock of Idea Cellular had outperformed the market by surging 47% after the telecom provider is in talks with its peer Vodafone on a possible merger. In comparison, the S&P BSE Sensex was up 3.3% during the same period till Monday.

“US-based private equity (PE) player Providence Equity Partners will sell 3.3% of its stake in Indian telecom provider Idea Cellular through a block deal. The block deal would mark the complete exit of Providence from Idea Cellular,” the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.