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Vodafone Idea shares rebound over 10% after Thursday rout

On Friday, Vodafone Idea share price rallied as much as 10.16 per cent to hit intraday high of Rs 3.25 apiece on the BSE, after falling over 11 per cent in opening deals

twitter-logo BusinessToday.In   New Delhi     Last Updated: November 15, 2019  | 12:25 IST
Vodafone Idea shares rebound over 10% after Thursday rout
In opening trade, Vodafone Idea share price fell over 11 per cent to hit fresh all-time low of Rs 2.61 on the BSE

Vodafone Idea shares rebounded over 10 per cent in early deals on Friday as investors balanced fear of potential insolvency of the telecom giant with management clarification over fund infusion in the company. In the opening trade, Vodafone Idea share price fell over 11 per cent to hit fresh all-time low of Rs 2.61 in reaction to the telecom major's record loss in the second quarter ended September 30, 2019.

However, in line with telecom index, Vodafone Idea share price rallied as much as 10.16 per cent to hit intraday high of Rs 3.25 apiece on the BSE, after opening lower at Rs 2.66 against previous close level of Rs 2.95. The stock saw a massive loss of 20.27 per cent on Thursday amid concerns over potential insolvency of the telecom firm after Vodafone Group said its future in India could be in doubt following the Supreme Court verdict on AGR case. It ended at Rs 3 on the National Stock Exchange (NSE), down 18.92 per cent.

Also Read: AGR effect: Vodafone Idea Q2 loss balloons to Rs 50,921 crore

In a similar trend, stocks of Vodafone Idea were trading 3.39 per cent higher at Rs 3.05 on the National Stock Exchange (NSE). In the day's trade so far, the scrip touched an intraday high and low of Rs 3.25 and Rs 2.40, respectively.  

Vodafone Idea on Thursday announced its net loss had increased to Rs 50,921.90 crore in September quarter from net loss of Rs 4,973.80 crore in the same quarter last year and Rs 4,873.90 crore in the June quarter.

Also Read: Why Bharti Airtel shares rose over 5% despite posting record loss in Q2

The September quarter result was severely affected by the Supreme Court order on the definition of adjusted gross revenue (AGR). The company has estimated liability of Rs 27,610 crore related to licence fee and Rs 16,540 crore for spectrum usage charges based on Supreme Court's judgement.

Edited by Chitranjan Kumar

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