Stock market update: Telecom stocks tumble; Idea Cellular plunges 7%

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In the Sensex index, 9 stocks were advancing and 22 were declining.

NEW DELHI: The BSE Telecom index was trading 0.63 per cent down at 1,165 around 02:15 pm on Monday, with Idea Cellular (down 6.94 per cent), Himachal Futuristic Communications (down 3.62 per cent) and MTNL (down 3.37 per cent) as top losers.

Shares of Idea Cellular plunged on Monday after reports that the mega-merger deal of the company with Vodafone India may not meet the expected June 30 timeline as the telecom department is looking to raise a fresh demand of around Rs 4,700 crore.

Shares of OnMobile Global (down 2.34 per cent), Aksh Optifibre (down 1.89 per cent), GTL Infrastructure (down 1.45 per cent) and Sterlite Technologies (down 1.10 per cent) also suffered significant losses.

GTPL Hathway (down 0.86 per cent), Tejas Networks (down 0.58 per cent), Tata Communications (down 0.54 per cent) and ITI (down 0.18 per cent) were also under pressure.

On the other hand, Tata Teleservices (Maharashtra) (up 3.19 per cent), Bharti Infratel (up 1.40 per cent), Reliance CommunicationsNSE -0.34 % (up 1.36 per cent), GTL (up 1.05 per cent), Vindhya Telelinks (up 0.24 per cent) and Bharti AirtelNSE -0.11 % (up 0.15 per cent) were in the green.

Benchmark BSE Sensex was 111 points down at 35,578, while the NSE Nifty50 index was down 30 points at 10,792.

Among the 50 stocks in the Nifty index, 20 were trading in the green, while 30 were in the red.

In the Sensex index, 9 stocks were advancing and 22 were declining.

Tata Motors, ICICI Bank and Coal India were among the top losers in the Sensex kitty of stocks.

[“Source-economictimes”]