Tata Teleservices spikes nearly 18% on merger talks with Sistema and Aircel
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Shares of Tata Teleservices rallied nearly 18 per cent in early trade on Bombay Stock Exchange (BSE) on report of talks with Russia's Sistema JSFC and Aircel for a three-way merger to create India's third-largest telecom company by subscribers.
Cheering the news, shares of the company gained as much as 17.78 per cent to trade at Rs 7.35 a piece on the BSE. In a similar fashion, shares of the company soared 12 per cent to Rs 7.00 a piece on National Stock Exchange.
Meanwhile, the broader benchmark Sensex was quoting at 19,871.89, down 21.96 points or 0.11 per cent at 10:45 hours.