According to an alert from Bloomberg, 120 million shares changed hands in a single block deal. On Monday, a report by PTI had said that Providence was likely to exit Idea Cellular by selling the remainder of its 3.33% stake for about Rs 1,200 crore. Providence had picked up about 15% stake in Idea Cellular in 2006 for about Rs 1,800 crore and has been selling it over the years. Talks about Providence wanting to exit Idea first came when Vodafone Plc announced that it was looking to merge its operations with Idea Cellular amid tough competition posed by Reliance Jio. It was also the worst performer on S&P BSE 100, BSE 200 and BSE 500 indices.

Source: dna February 28, 2017 04:07 UTC