Indian market ends lower on Monday
On Monday, telecom companies Idea Cellular and Vodafone announced their merger, which, according to market reports, will create the largest telecom company in India yet.
Kumar Mangalam Birla will be the chairman of the merged entity while Vodafone will chose the CFO.
Vodafone will own 45.1 per cent of the merged entity, after it transfers about 4.9 per cent to promoters of Idea and/or their affiliates for Rs 38.74 billion ($592.15 million) in cash, Idea said.
Some of the key stocks that gained on Monday were BHEL, NTPC, Coal India, Eicher Motors, Bharti Airtel and HDFC Bank while Idea Cellular, Axis Bank, ICICI Bank, Infosys, TCS and Wipro were some of the key losers.
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