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Telecom company Vodafone Idea Ltd's shares dropped as much as 5 per cent to Rs 35.95, their lowest since October 25.
Ratings agency Crisil has downgraded its rating on non-convertible debentures of Rs 6,000 crore($860.80 mln) of Vodafone Mobile Services to 'CRISIL A+' with negative outlook from 'CRISIL AA-' with negative outlook. It has also re-affirmed the rating on commercial paper programme of Vodafone Mobile Services Ltd.
Idea Cellular Ltd and Vodafone Plc had completed the merger of their India operations on August 31. Over 14.2 million shares change hands as of 0444 GMT, compared with their 30-day average of 24.6 mln shares.
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