5000 staff to be sacked? Idea Cellular share price slips over Vodafone merger lay-offs report
Idea Cellular and Vodafone have been advised by the nodal team handling the merger to lay off at least 5,000 employees in the next couple of months. The incumbent telecom companies are making losses amid huge revenue pressure and a combined debt of some Rs 1,20,000 crore, the report claimed.
Vodafone-Idea Cellular merger is yet to receive clearance from telecom department, which is expected to come in next month. Image source: Reuters