Vodafone's Shares Zoom 30 Pc, Know Why

29 May, 2020 14:06 IST|Sakshi Post

NEW DELHI: Amid reports that Google was eyeing a minority stake in Vodafone Idea, the British telecom's shares on Friday zoomed nearly 30 per
cent. This can work as a big boost for the group's struggling business in India.

Reacting to the reports, stock of the company rallied 29.89 per cent to Rs 7.56 on BSE. On NSE, it rose sharply by 25 per cent to Rs 7.25.

The investment in Vodafone Idea will pit the search giant against Facebook which has picked up a stake in Jio Platforms, the firm that houses India's youngest but biggest telecom company - Reliance Jio.

Alphabet Inc's Google is looking to buy about five per cent stake in Vodafone Idea Ltd, a leading paper reported on Thursday.

Both companies refused to comment, a news agency reported. 

The move assumes significance as Vodafone Idea -- where Vodafone holds just over 45 per cent stake -- is staring at nearly Rs 58,000 crore in unpaid statutory dues.

The BSE, meanwhile, has sought clarification from Vodafone Idea with reference to report.

Also Read | Top 25 Business Ideas In India To Try In 2020

Read More:
More News