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Vodafone Idea share falls 5% post Q3 earnings

BusinessToday.In     February 15, 2021

Shares of debt-ridden Vodafone Idea Ltd (Vi) were trading 5% lower in Monday's session after the telecom major reported a narrowing of its consolidated loss to Rs 4,532.1 crore in the third quarter ended on December 31, 2020. The company had posted a loss of Rs 6,438.8 crore in the same quarter a year ago.

This was also the 10th quarterly loss reported after the net loss of Rs 7,218 crore during the September quarter.

Following the updates, shares of  India's third-largest telecom operator by market cap opened at Rs 12.14 and touched an intraday low of Rs 11.92, falling 4.9% against the previous close of Rs 12.54 on BSE. The stock price of Vodafone Idea also hit a high of Rs 12.90 intraday. The stock has fallen 5.81% in the last 2 days.

Vodafone Idea stock is trading lower than 5, 20, 50, 100, and 200-day moving averages. The stock price of Vodafone Idea has risen 2.39% in one week,  12% since the beginning of the year and 248% in one year. However, it has fallen 11.9% in one month.

The market capitalisation of the firm stood at Rs 34,712.35 crore as of today's afternoon session.

Driven by higher 4G wireless customer additions, improved service quality and cost optimization, Vodafone Idea Ltd (Vi) posted 1.7% YoY decline in its revenue from operations to Rs 10,894 crore during the reported quarter under review, from Rs 11,089.4 crore in the same quarter a year ago.

The company has proposed to raise up to Rs 25,000 crore. "The Board has approved fundraising to support our strategic intent and we are in active discussions with potential investors," Vodafone Idea MD and CEO Ravinder Takkar said.

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