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Vodafone Idea zooms nearly 14 pc amid reports of Google investment interest

PTI | New Delhi | Updated: 29-05-2020 19:30 IST | Created: 29-05-2020 17:15 IST
Vodafone Idea zooms nearly 14 pc amid reports of Google investment interest
Representative Image Image Credit: ANI

Shares of Vodafone Idea on Friday zoomed nearly 14 percent amid reports of tech titan Google eyeing a minority stake in the British telecom group's struggling India business. Intra-day, stock of the company rallied 34.87 percent to Rs 7.85 on the BSE. It later closed at Rs 6.56, registering a sharp gain of 12.71 percent.

On the NSE, it settled at Rs 6.60, up 13.79 percent after rising sharply by 34.48 percent to Rs 7.80 during the day. The company's market valuation also jumped Rs 2,127.42 crore to Rs 18,850.42 crore.

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 a 5 percent stake in Vodafone Idea Ltd, the Financial Times reported on Thursday.

Both companies refused to comment. The move assumes significance as Vodafone Idea -- where Vodafone holds just over 45 percent stake -- is staring at nearly Rs 58,000 crore in unpaid statutory dues. Earlier in the day, the BSE sought clarification from Vodafone Idea with reference to the report.

"As part of the corporate strategy, the company constantly evaluates various opportunities for enhancing the stakeholders' value. As and when such proposals are considered by the board of directors of the company warranting disclosures, the company shall comply with the disclosure obligations," Vodafone Idea said in the clarification statement. Currently, there is "no proposal" as reported that is being considered at the board, it added.

"We wish to reiterate and clarify that the company will comply with Sebi Listing Regulations and duly keep the stock exchanges informed of all the price-sensitive information," it said.


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