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.
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