The reason was the weak results reported by Vodafone Idea for the June quarter. The company reported a net loss of Rs.4870 crore in the June quarter and it has now announced a total loss of nearly Rs.20,000 crore in the last quarters. In addition, the stock has also lost market share and despite the merger with Idea it now stands second behind Reliance Jio in terms of market share.

ARPUs which showed a jump in the previous quarter are again under pressure and the impact on the stock price has been so sharp that the market cap of the combined entity is now lower than what idea had at the time of the merger. It was this sentiment that led to the massive 27% correction in the stock price of Vodafone Idea on Monday.