Bharti Infratel notified the stock exchanges that on account of consummation of Vodafone India and Idea Cellular merger, the company have received exit notices for 27,447 co-locations on the consolidated basis. The tenancies formed 13.7% of the overall tenancies for the company. The company guided for |60-65 crore impact per month (|720780 crore/annum). We note that we had built in tenancies exit of ~25000 spread over FY19 and FY20, as guided by the management earlier. Given the front loaded one-time exit, we now lower our estimates of FY19E and FY20E further. While, the Voda-Idea exit is the last leg of tenancy hit that...