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Vi stock up 28% amid report of govt stake sale to Starlink
Mint Mumbai
|January 02, 2024
Sebi has sought a clarification from the telecom services provider on the development
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Vodafone Idea Ltd's stock rose to a 52-week high on New Year's Day to 18.42, amid news reports claiming that the government could sell its 33% stake in Vodafone Idea to tech-billionaire Elon Musk and his satellite internet venture Starlink collaborating with the carrier. Securities and Exchange Board of India (Sebi) sought a clarification from India's third-largest telecom service provider on the development.
Though the stock saw huge delivery-based buying over the two sessions, the Vodafone Idea futures contract didn't witness much of a change in positions, indicating that traders in the futures segment might not have been as euphoric as those in the cash segment.
Over the past two trading days, the stock surged 28.3%, from ₹13.25 on 28 December to ₹17 on 1 January with the stock hitting an intraday high of 18.42 on Monday.
It was the top traded stock on the NSE, accounting for a traded value of 3,095.6 crore, ahead of heavyweights like BHEL and Yes Bank, which benefited from the buzz surrounding Vodafone Idea, and HDFC Bank. On Friday, higher demand led to the stock surging by 21%.
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