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Vodafone Idea share climbs 17% after firm emerges as largest telco in July, beats Reliance Jio

BusinessToday.In     September 19, 2019

Shares of Vodafone Idea Ltd surged over 16% today after data from regulator Telecom Regulatory Authority of India (TRAI) showed the firm was the country's largest telecom operator in July.

With a trend reversal after 5 days of consecutive fall, the stock price of Vodafone Idea opened 2.2% higher at Rs 4.97, against the previous close of Rs 4.86. Later, it rose 16.8% to the intraday high of Rs 5.68 on the BSE.

The stock value trades near 30-day simple moving average, although lower than its 50, 150 and 200-day moving averages. The stock has fallen over 5% in a week, over 9% in the last month and over 70% in six months.

Overall, 299 lakh shares and 3,20.62 lakh shares changed hands on BSE and NSE, respectively, both above the 5, 10 and 30-day average volume traded.

The latest subscriber data, released by TRAI, showed Vodafone Idea recorded 38 crore subscribers, followed by Reliance Jio with 33.98 crore, and Airtel with 32.85 crore users.

In terms of market share, TRAI data show that Vodafone Idea has a market share of 32.53% in the wireless subscriber's segment, while Reliance Jio has 29.08%. Bharti Airtel is third on the list with 28.12%, while public players BSNL and MTNL have market share of 9.98% and 0.29%, respectively.

However, Vodafone Idea lost a chunk of its users in the month of July, as its subscriber base fell 33.91 lakh in July from 38.34 crore users in June.

Shares of Vodafone Idea closed 11.93% or 0.58 points higher at Rs 5.44 on BSE.

By Rupa Burman Roy

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