Indian shares end lower; Idea Cellular slumps
Mon Mar 20 2017
Ramesh Sridharan (877 articles)

Indian shares end lower; Idea Cellular slumps

Indian shares snapped a two-session winning streak to end lower on Monday as software service exporters took a hit on concerns over a stronger rupee, and as investors took a breather after the NSE Nifty hit a record high last week.

Idea Cellular (IDEA.NS) slumped 9.6 percent as traders said the implied deal price in a planned merger with Vodafone PLC’s (VOD.L) Indian operations under-valued the company shares.

The broader NSE Nifty ended 0.36 percent lower at 9,126.85. It hit a record high of 9,218.40 on Friday.

The benchmark BSE Sensex closed down 0.44 percent at 29,518.74.

 

Ramesh Sridharan

Ramesh Sridharan

Ramesh Sridharan is our Stock Market Correspondent covering events and daily movements of stock markets in Asia. He is based in Mumbai

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