Shares of Vodafone Idea rose as much as 14 percent in trade on Wednesday to a high of Rs 8.85 apiece, the highest since 25 July 2019.
The stock has risen 43.47 percent in value from Rs 5.75 on the close of 28 May to 3 June's high, even after the telecom operator on Friday said that it is constantly evaluating various opportunities but there is "currently, there is no proposal as reported by the media that is being considered at the Board."
The statement to the stock exchanges comes after BSE sort clarification on the Financial Times report citing sources on 28 May that said Alphabet Inc's Google is looking to buy about 5 percent stake in Vodafone Idea.
After the recent agreement between social media giant Facebook and RIL to purchase 9.9 percent stake in the latter's telecom arm Jio Platforms, the report on Google's interest in Vodafone Idea was believed as a move to help the ailing telecom operator that has nearly Rs 58,000 crore in unpaid statutory dues.
According to data on the exchanges, Vodafone Idea shares have been witnessing huge trading volumes in millions with pending buy orders since the news report surfaced.