Industry

Vodafone-Idea stock surges 23% as company clears the air on exiting Indian market

The stock rose to ₹4.80 on the NSE.

Shares of Vodafone Idea on Friday zoomed over 23% in early trade after the company clarified that it is not going to exit the Indian market.

Shares of the telecom operator jumped 22.87% to ₹4.78 apiece on the BSE.

Similarly, the stock rose 23.07% to ₹4.80 on the NSE.

The stock exchange had sought clarification from the company over the rumours of the telecom operator exiting the Indian market because of mounting losses and debt recast issue.

British telecom giant Vodafone on Thursday said it will continue to stay invested in the Indian market and is seeking the government’s support to tide over the current challenging times.

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“Vodafone is aware of the unfounded and baseless rumours circulating in some of the Indian media that we have decided to exit the market. We would like to categorically state that this is not true and is malicious,” Vodafone group said in a statement on Thursday.

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Printable version | Feb 26, 2020 7:30:18 PM | https://www.thehindu.com/business/Industry/vodafone-idea-stock-surges-23-as-company-clears-the-air-on-exiting-indian-market/article29851284.ece

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