A major telecom operator has made it clear it is shutting down shop in areas where its licenses were lost. Mint has learnt that Loop Telecom plans to wind up operations in areas affected by 15May. It’s also wants the government to pay a compensation of Rs3,800crore. Loop’s decision to wind up some services follows similar announcements by Stel and Estisalaat DB. The company lost 21 licenses after the Supreme Court’s ruling on 2 February.
In other news, the rupee lost ground on Monday, with investors buying up dollars after poor unemployment numbers from the US. The currency ended trade at Rs51.14 to the dollar. Monday’s fall came despite suspected dollar buying by the Reserve Bank. Meanwhile, investors will be awaiting RBI’s policy statement next week.
And finally, Indian markets fell their most in two weeks as sentiment about some sectors worsened. The Sensex dropped 264 points to 17,222. And the Nifty lost 88 to close at 5,234.