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Idea Cellular slips 7% due to a likely delay in Vodafone merger

The stock slipped nearly 7% to Rs 56 on the BSE on concerns of likely delay in Vodafone merger as the telecom department is looking to raise a fresh demand of around Rs 47 billion.

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FILE PHOTO: A man speaks on his mobile phone as he sits in front of a shop displaying the Idea Cellular Ltd's logo on its shutter in Mumbai | Reuters photo

SI Reporter Mumbai
Shares of Idea Cellular have slipped nearly 7% to Rs 56 per share on the BSE on concerns of a likely delay in Vodafone merger as the telecom department is looking to raise a fresh demand of around Rs 47 billion.

Both Idea and Vodafone were expecting the merger deal to create India's largest telecom company to be completed by June 30, 2018.

"Vodafone India had merged its all arm into one company and there are dues of around Rs 47 billion related to one-time spectrum charges (OTSC) on the company. DoT will ask Vodafone to either clear