Shares in telecom firm Vodafone Idea jumped a sharp 10% intra-day on November 17, 2020 to Rs. 10.02 shares apiece on the BSE. This is after the telco in a bid to boost up its revenue stream is considering a hike in its tariffs by as much as 15-20% by the end of 2020 or early 2021. The hike though shall not be effected all at once.
In the September ended quarter, the cash-strapped telco as per reports lost a staggering subscriber base of 8 million users.
Earlier in October end, the company's CEO Ravinder Takkar said the telco will not shy away from raising prices. "If you look at the current pricing, there is something wrong with it...We have said before that we will not shy away from hiking prices and we will be happy to be the first one to do so. We hope others in the industry will follow," added Takkar.
Moreover as per the remarks of Airtel's CEO Gopal Vittal, Airtel will also increase voice call and data tariffs after other companies bring about the change. On the news, shares of Airtel also gained by up to 3 percent to day's high price of Rs. 494.95 per share on the NSE.