Vodafone Idea Shares Decline 4% as Company Dismisses Takeover Rumors

Vodafone Idea
Vodafone Idea

Vodafone Idea’s stock faced a decline of nearly 4% on Monday, hitting a day’s low of Rs 11 on the NSE. The drop in share price came in response to reports suggesting the company’s potential acquisition, which Vodafone Idea has vehemently denied, asserting that it is not engaged in any discussions regarding a takeover.

In a filing made to the stock exchanges, Vodafone Idea addressed the rumors, stating, “This is in relation to a News Item titled ‘Vodafone Idea to be acquired by a US telecom giant Soon? Verizon, Amazon, or Starlink, in the race,’ which is doing rounds in electronic and social media. We wish to submit that the said News Item is incorrect. The Company is not in any such discussion with any of the named parties.”

Over the weekend, the telecommunications company had announced its payment of Rs 1,701 crores, including interest, to the Department of Telecommunications, Government of India. This payment was made as part of the 2022 spectrum auction installment.

The stock’s decline in price was accompanied by a notable increase in trading volume, with more than 24.93 crore shares changing hands on the NSE around 11 a.m. It’s worth noting that the stock had previously reached its 52-week high at Rs 12.50.

The traded value of the shares amounted to Rs 291.52 crore, with a market capitalization of Rs 55,008.04 crore.

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