Vodafone Idea soars 20% on heavy volumes, hits 6-month high

Shares of Vodafone Idea soared 20 per cent to hit a six-month high of Rs 7.87 on the BSE on Tuesday. The stock has rallied 35 per cent in the past three days after the company on Friday said it was constantly evaluating various opportunities but there was no proposal before the board of the firm as yet.

The clarification to the BSE by Vodafone Idea came after reports surfaced that Alphabet Inc's Google was eyeing about 5 per cent stake in the telecom company. The stock was trading at its highest level since December 3, 2019.

“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 on Friday.

The counter witnessed huge trading volumes with a combined 1,056 million equity shares changing hands on the NSE and BSE till the time of writing of this report. There were a combined pending buy orders for 6.23 million shares, the exchange data shows.