The opening bell in the stock market today saw Vodafone Idea shares encountering selling pressure. The share price of Vodafone opened with an upside gap but soon witnessed heavy selling, reaching an intraday low of ₹10.40 apiece levels on the National Stock Exchange (NSE), marking a dip of approximately 2.50 percent compared to its Friday closing price of ₹11.70 apiece on NSE. However, the Indian telecom major experienced some buying interest at its intraday low and managed to recover from its early morning losses.
Vodafone Idea in the News:
Over the weekend, media reports circulated suggesting that several US telecom majors, including Verizon, Amazon, or Starlink, were in a race to acquire Vodafone, the Indian telecom company. However, Vodafone Idea promptly issued a clarification, refuting such reports and denying any ongoing discussions with the named parties.
In its statement addressing the acquisition rumors, Vodafone Ltd stated, “This is in relation to the News Item titled ‘Vodafone Idea to be acquired by a US telecom giant Soon? Verizon, Amazon, or Starlink, in the race,’ which is circulating in electronic and social media. We wish to submit that the said News Item is incorrect. The Company is not in any such discussion with any of the named parties.”
On the previous Saturday, Vodafone Ltd had informed the Indian stock market exchanges about the successful payment of ₹1,701 crore, inclusive of interest, to the Department of Telecommunications (DoT) concerning the 2022 spectrum auction instalment. The company’s statement read, “We wish to inform that the Company has today, i.e., 16th September, 2023, made the requisite payment of ~ Rs. 1,701 crores (including interest) to the Department of Telecommunications, Government of India, towards 2022 Spectrum Auction Instalment, in accordance with the terms of Notice Inviting Applications dated 15th June, 2022.”
Vodafone Idea Share Performance:
Vodafone Idea’s share price has demonstrated an upward trend over the past six months. The telecom company’s stock has surged from approximately ₹6.35 to ₹12.50 apiece levels, registering an impressive 85 percent rise during this period. In the last month alone, Vodafone Idea’s share price has seen a notable increase, rising from around ₹7.60 to ₹12.50 apiece levels, marking an impressive 55 percent surge. Moreover, Vodafone Idea shares have recorded gains for four consecutive weeks.
The volatile performance of Vodafone Idea shares is influenced by a combination of factors, including market sentiment, financial developments, and news related to potential acquisitions, making it a closely monitored stock in the telecom sector.
