India stocks fall; Idea Cellular plunges after Vodafone deal

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.

Like this report? Sign up for our daily newsletter to get our top reports.

Leave Your Comment(s)