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After 129% Surge In 10 Days, Vodafone Idea Shares Fall 17%

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On Tuesday, Vodafone Idea shares ended their 10 consecutive days of upward movement, closing 16.67 percent lower at Rs 10 apiece. In the last 10 sessions, the stock surged 129 percent from Rs 5.80 on 28 May to Rs 12.35 on Tuesday, as investors took interest in the stock over rumours of possible stake purchase by Google in the telecom operator.

After 129% Surge In 10 Days, Vodafone Idea Shares Fall 17%
 

After a Financial Times report citing sources on 28 May said that Alphabet Inc's Google is looking to buy about 5 percent stake in Vodafone Idea, the company's stock value continued to rise. This rally was seen despite clarification from the company that there was no such ongoing proposal.

In response to BSE's clarification on the news report, the company responded that though it is constantly evaluating various opportunities, there is "currently, there is no proposal as reported by the media that is being considered at the Board."

Meanwhile, on account of the rally, Vodafone Idea had re-entered the list of BSE's "Top 100 Companies by Market Capitalization" list on 5 June with a market cap of nearly Rs 25,000 crore. Its market cap was pushed further upward on Monday.

In November 2019, after the 24 October 2019 supreme court verdict on AGR dues in favour of Department of Telecom had added to the debt burdens of the company, its shares had hit an all-time low market cap of Rs 8,477 crore. It resulted in its ranking based on market cap to fall to 243rd most valued firm.

Read more about: vodafone idea google
Story first published: Tuesday, June 9, 2020, 15:56 [IST]
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