Idea cuts gains to end 10% lower after board clears merger with Vodafone

Other telecom stocks like Bharti Airtel, Reliance Communications and Reliance Industries end flat

Shares of Idea Cellular turned volatile after the company said its board has approved the scheme of amalgamation of Vodafone India and its wholly owned subsidiary Vodafone Mobile Services with the company.

The stock rallied 15% to Rs 124 in the early trade only to settle the trade 10% down at Rs 97 on the NSE. 
 

Since January 27, 2017, Idea Cellular has zoomed 44% after Vodafone reportedly confirmed that it is in merger talks with Idea Cellular. The stock trading close to its 52-week high of Rs 128 touched on April 28, 2016 in intra-day trade.

Since January 27,