The shares of Russia’s leading telecom operators have slid on the news that VTB has closed the deal to purchase Tele2 Russia, the fourth largest company in the nation’s booming industry.

      Megafon’s shares dropped 10 percent since the beginning of April to RUB 870. MTS inched down 3.4 percent.

      Part of the downward trend is explained by the fact that the asset has been overrated and part by the concerns that the state-controlled Rostelecom could buy it later from VTB and win a larger market share.

      The deal would give Rostelecom 36.3 million mobile subscribers and cost some of the Big-3 their revenues due to higher pressure on tariffs.