Mobile network operator Idea Cellular on Tuesday refuted media reports that had suggested a possible merger between the Mumbai-based company and its rival Vodafone India, reported Reuters. A company spokesperson denied the speculation and called the reports "baseless and absolutely false".
The spokesperson said, "This is absolutely untrue and preposterous. There is no such intent." The confirmation came hours after CNBC TV18 published a report saying the two companies are in 'exploratory' talks for mega merger. Following the report, Idea's shares went up 6.9% when markets closed on Tuesday. Vodafone did not comment on the report.