Vodafone Idea Opens 10% Higher On Report Of Google's Likely Stake Purchase

Shares in Vodafone Idea in Friday's (May 29, 2020) trade opened 10% higher at Rs. 6.4 per share against previous close of Rs. 5.82. On the NSE, the stock has touched a high of Rs. 6.35 per share.

Vodafone Idea Opens 10% Higher On Report Of Google's Likely Stake Purchase

The telecom venture of Vodafone Group and Aditya Birla Group as per a Mint report is set to attract investment by Google for a 5% stake. The deal as per the stock price movement in the last two weeks, could bring a fortune of $101.5 million for Vodafone Idea.

Also, at the same time, the company is currently underway talks with several companies in the private equity (PE) space for likely investment into the company.

The interest from the Google, technology giant, comes at a time when the telecom company faces high distress owing to lowered tariffs as well as tough competition post entry of Jio into the space.

As per a report, in the aftermath of Covid 19, telecom and pharma shall lead the markets but not able to acquire the peak enjoyed by the stocks in the financial space.

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