Railways increased freight rates by upto 19 percent. Star Cement said that will impact cement and freight rates. UltraTech Cement, ACC and JSW Steel declined over a percent.
Idea and Vodafone merger may breach 50 perncet market share in few circles and will create India’s largest telecom company.
Regulatory approvals are crucial for Idea and Vodafone potential merger, say sources.
Vodafone India may not need to bring in its IPO if it seals a deal with Idea. Idea shares surged 5 percent.
Equity benchmarks extended losses amid consolidation in afternoon trade with the Nifty breaching 8600 level, dragged by ITC, L&T, ICICI Bank, HDFC and Reliance Industries.
The Sensex fell 85.51 points to 27900.03 and the Nifty slipped 37.20 points to 8591.95. About 1326 shares declined against 1211 advancing shares on the BSE.