The shares of Vodafone Idea tanked on Thursday to hit the 52-week low of ₹3.31 in a firm Mumbai market on Thursday, after news reports of Vodafone exiting from India following mounting losses and of the telco conveying to its lenders that it won’t be able to honour commitments for long.
When asked for comments, Vodafone Group spokesperson, in an e-mail reply to The Hindu, said, “Vodafone is aware of the unfounded and baseless rumours circulating that we have decided to exit the market. We would like to categorically state that this is not true and is malicious. Vodafone is actively engaging with Government and we are fully supportive of our local management.”
Vodafone Idea shares fell 2.1% to ₹3.89, valuing company at ₹11,178 crore, or at one-tenth of its debt.
In a clarification sought by the exchanges, Vodafone Idea said, “As regards exit of India operations by Vodafone Group, we wish to inform you that the company is not aware about anything on the subject as it pertains to Vodafone Group and hence cannot comment on the same.” On the debt recast plan, the firm said, “We categorically deny and dismiss this as baseless and factually incorrect.”
