Vodafone Idea share price hit upper circuit in early trade today amid report that technology giant Google was planning to acquire 5 per cent stake in the debt-laden firm, a telecom joint venture between Vodafone PLC of UK and Aditya Birla group. Share price of Vodafone Idea gained 35% to Rs 7.85 compared to the previous close of Rs 5.82 on BSE. Vodafone Idea stock has gained 32.97% in last five days.
The mid cap stock lost 44.68% in last one year but risen 19% since the beginning of this year. In last one week, the stock has gained 32.55%. The stock has risen 74% in last one month. 2,131 lakh shares of Vodafone Idea changed hands amounting to turnover of Rs 156 crore on BSE. Market cap of the firm rose to Rs 21,379 crore.
Shares of Vodafone Idea clocked such huge gains on February 19 this year on reports that government was unlikely to invoke the telecom firm's bank guarantees to recover AGR dues. The stock rose up to 48.18% intra day to Rs 4.49 from its previous close of Rs 3.03.
The move is being seen as part of Google's strategy to foray into India's booming mobile sector, in a similar line with Facebook which recently acquired 10 per cent stake in Mukesh Ambani's Jio Platform. Alphabet Inc's Google is looking to buy about 5% stake in Vodafone Idea Ltd, the Financial Times reported on Thursday.