Shares of Vodafone Idea rose over 12 percent on Friday to touch an intraday high of Rs 9.70 apiece. The stock has surged 132 percent in a month's time from Rs 4.15 on 4 May to Rs 9.70 on 5 June.
On account of the rally, the telecom operator is fluctuating between the 96th to 100th position on BSE's "Top 100 Companies by Market Capitalization" list on Friday. As per Thursday's closing price of Rs 8.63, Vodafone Idea is the 100th most valued company in India with a market cap of Rs 24,798.64 crore. On Friday, its market cap has crossed Rs 27,810 crore.
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.
This week alone, the stock surged 45 percent 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. However, 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."