Vodafone Idea Shares Surge: Recovering Resilience After Ericsson Stake Sale
Vodafone Idea shares climbed 2% on Wednesday following a morning dip caused by Ericsson India's sale of a nearly 1% stake worth Rs 428 crore. The shares, initially dropping to Rs 6.65, rebounded to Rs 6.91 on the BSE. The company also reported lower losses and plans for substantial fundraising.
- Country:
- India
Shares of Vodafone Idea reversed a morning slump to close 2% higher on Wednesday. The initial decline was triggered by Ericsson India's divestment of a nearly 1% stake, totaling Rs 428 crore, through an open market transaction.
Despite early losses of 1.91%, bringing the stock down to Rs 6.65, Vodafone Idea shares later reclaimed lost value, settling at Rs 6.91 on the BSE. The NSE witnessed similar recovery dynamics, with shares rising to Rs 6.92, up 2.21%.
The bulk sale, at an average price of Rs 6.76 per share, equated to over 63.37 crore shares. Vodafone Idea also announced narrowed losses of Rs 7,166.1 crore for the March quarter and approved fundraising up to Rs 20,000 crore.
(With inputs from agencies.)
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