Mon. Jul 6th, 2020

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Vodafone shares slumps by 8%

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Vodafone Idea shares fell 8% in Monday’s early trade. On Friday, the telecom giant elucidated that currently there is no scheme from tech major Google to acquire a stake in the company. However, it is evaluating opportunities for enhancing the stakeholders’ value.

The scrip hit an intraday low of Rs 6.03 against the previous close of Rs 6.56. On the other hand, the benchmark BSE Sensex advanced over 2% to 33,286.

The clarification by Vodafone Idea to the BSE came after reports that Alphabet Inc’s Google is eyeing about 5 per cent stake in the telecom company.

Vodafone Idea said on Friday, “As part of the corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders’ value. As and when such proposals are considered by the board of directors of the company warranting disclosures, the company shall comply with the disclosure obligations.”

Vodafone Idea advanced nearly 35 per cent intraday on Friday after the news reports. However, it pared gains to end nearly 13% higher after the clarification on the media reports.

 

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