Vodafone likely to merge with Idea Cellular

It forced rivals to dramatically slash their tariffs and left them scrambling to match the deep pockets of Jio, which is backed by India’s hugely wealthy energy-to-chemicals conglomerate Reliance Industries.

In afternoon trade Idea stocks were up 26.86 percent at Rs 98.70 on the BSE’s Sensex index following the announcement.

Vodafone was trading up three percent at 199.15 pence on the London Stock Exchange in early morning trade.

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(Sourced from agencies, feature image courtesy:gizbot.com)