Vodafone Idea Shares Experience Early Sell-Off, Rebound After Initial Dip

Vodafone Idea Shares Experience Early Sell-Off, Rebound After Initial Dip

VoM News Desk | September 18, 2023 | 09:13 AM IST | Breaking News | Follow on Google News

Vodafone Idea Shares Experience Early Sell-Off, Rebound After Initial Dip. Image/Mint

Vodafone Idea shares faced selling pressure at the opening bell of the stock market but later rebounded after hitting an intraday low. The initial sell-off caused the share price to drop by approximately 2.50% compared to its previous close.

Early Upside Gap and Subsequent Sell-Off

When the stock market opened, Vodafone Idea’s share price initially experienced an upside gap. However, it quickly encountered heavy selling pressure, causing it to reach an intraday low of ₹10.40 per share on the NSE. The dip in share price was in contrast to its Friday closing price of ₹11.70 per share on the NSE.

Clarification on Acquisition Rumors

Over the weekend, there were media reports suggesting that US telecom giants such as Verizon, Amazon, or Starlink were considering acquiring Vodafone Idea. However, the Indian telecom major promptly issued a clarification, denying any such discussions with the mentioned parties. In their statement to Indian stock market exchanges, Vodafone Idea Ltd stated, “The Company is not in any such discussion with any of the named parties.”

Payment of Spectrum Auction Instalment

On Saturday, Vodafone Idea Ltd had informed the exchanges that it made a payment of ₹1,701 crore, including interest, to the Department of Telecommunications (DoT) in relation to the 2022 spectrum auction instalment. The payment was made in accordance with the terms outlined in the Notice Inviting Applications dated June 15, 2022.

Recent Performance of Vodafone Idea Shares

Vodafone Idea’s share price has displayed an upward trend over the past six months, rising from approximately ₹6.35 to ₹12.50 per share. This represents an impressive 85% increase during this period. In the last month alone, Vodafone Idea shares surged from around ₹7.60 to ₹12.50 per share, marking a substantial 55% rise. Notably, the stock has recorded gains for four consecutive weeks.

The fluctuations in Vodafone Idea’s share price reflect the ongoing developments and investor sentiment surrounding the company, including acquisition rumors and financial payments.

VoM News Desk

VoM News is an online web portal in jammu Kashmir offers regional, National & global news.