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Vodafone Idea Up 37% In 2 Days Even As Telco Denies Stake Purchase By Amazon, Verizon

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Vodafone Idea shares in Friday's trade (September 4, 2020) tanked 10% to day's low price of Rs. 11.31 apiece on the BSE after a sharp surge of 30% in the previous session. But soon pared losses and traded higher gaining as much as 7% again. This is after the telco firm considering mulling funds to pay off 10% AGR dues by March 31, 2020 denies any investment proposal to consider from Verizon Communications or Amazon on September 3, 2020.

Vodafone Idea Up 37% In 2 Days; Co. Says No Inv. Plan From Amazon, Verizon
 

However it constantly evaluates opportunities for enhancing stakeholders' value, added the firm. .

The clarification came after the Mint reported Verizon and Amazon may invest over $4 billion in Vodafone Idea.

Based on the likely stake purchase by the two firms and Vodafone Idea's plan of raising $1.5 billion via equity pushed the stock higher by a massive 30% in intra-day trade on September 3, 2020.

In the AGR verdict released during the week, Vodafone has been reprieved to some extend through the 10 year staggered payment decision, though the longer-term issues still persist. The company owes a huge $6.8 billion to the centre.

At 9:43 am, the stock of Vodafone however traded higher by another over 3% at Rs. 13.03.

GoodReturns.in

Read more about: vodafone idea amazon verizon
Story first published: Friday, September 4, 2020, 9:50 [IST]
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