Voda Idea stock surges over 10 per cent as Vodafone clears the air on exiting Indian market
Shares of Vodafone Idea on Friday zoomed over 10 per cent after Vodafone clarified that it is not going to exit the Indian market. Shares of the telecom operator settled 10.54 per cent higher at Rs 4.30 apiece on the BSE. During the intra-day trade, the stock jumped 22.87 per cent to Rs 4.78. Similarly, on the National Stock Exchange (NSE), the shares closed at Rs 4.20 apiece, up 7.69 per cent. During the day, the stock touched a high of Rs 4.80, up 23.07 per cent.
The company added over Rs 1,100 crore to its market capitalisation, which now stands at Rs 12,356.22 crore. On the traded volume front, over seven crore shares were traded on the BSE, while over 79 crore shares changed hands on the NSE. The stock exchange had sought clarification from Vodafone over rumours that the British telecom giant may exit the Indian market because of mounting losses and debt recast issue.
Vodafone on Thursday said it will continue to stay invested in the Indian market and is seeking the government's support to tide over the current challenging times. "Vodafone is aware of the unfounded and baseless rumours circulating in some of the Indian media that we have decided to exit the market. We would like to categorically state that this is not true and is malicious," Vodafone group said in a statement on Thursday.
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