Vodafone Idea stock jumps 35% on report of possible stake sale to Google

Analysts, however, say a 5 per cent sale will not help much given the cash burn and rising debt

The Vodafone Idea stock gained as much as 35 per cent in intra-day trade on Friday, following reports that Google is in talks to pick up a 5 per cent stake. The stock ended with gains of 12.7 per cent, even as the management indicated “there is no such proposal as reported by the media that is being considered by the Board”.

Reports of an investment come amid a flurry of fundraising activity by peers Reliance Jio (Jio Platforms) and Bharti Airtel. Though the deal is yet to be finalised, the news comes as a huge respite, says Credit Suisse. Analysts