Vodafone Idea corrects after denying stake sale buzz

The telco clarified that currently there is no proposal to sell stake to foreign investors as reported by the media.

With reference to media report captioned, "Verizon, Amazon may invest over $4 billion in Vodafone Idea," the company clarified to the bourses on Thursday (3 September) that as part of corporate strategy, it constantly evaluates various opportunities for enhancing the stakeholders value. As and when such proposals are considered by the board, the company shall disclose the same. Currently, there is no proposal as reported by the media that is being considered at the board, it added.

Shares of Vodafone Idea zoomed 26.74% to end at Rs 12.56 on Thursday after the media reported that Amazon and Verizon Communications could invest over $4 billion for a significant stake in the telecom operator.

The scrip was currently down 2.95% to Rs 12.19 on the BSE. Vodafone Idea operates as a telecom service provider. The company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment.

The telco reported a consolidated net loss of Rs 25,460 crore in Q1 FY21, higher than net loss of Rs 4,873.90 crore in Q1 FY20. Gross revenue in Q1 June 2020 stood at Rs 10,659.30 crore, down by 5.4% from Rs 11,269.90 crore in Q1 June 2019.

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