Vodafone Idea rebounds 55% from over 2-year low touched on Thursday

In a major development, the government on Thursday introduced an amendment to do away with the contentious retrospective tax demand provisions.

Shares of Vodafone Idea (Vi) surged 18 per cent to Rs 7.04 on the BSE in the intra-day trade on Friday, a day after the government introduced a Bill in Parliament to nullify the provision of retrospective tax in the Income Tax Act. With today’s gain, the stock of the telecom services has bounced back 55 per cent from Thursday's intra-day low of Rs 4.55 on the BSE.

At 09:47 am, Vi was trading 16 per cent higher at Rs 6.88, as compared to a 0.04 per cent rise in the S&P BSE Sensex. A combined 242 million equity shares