Idea and Vodafone shares about 10% in price surge
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Vodafone Idea’s share price increased by more than 10% on Wednesday, a day after the firm stated that it has decided to convert interest on adjusted gross revenue (AGR) and spectrum dues into government stock.
Vodafone Idea began trading on a positive note at 12.10 and rose to a high of 13.30.
At 2.22 p.m. on the Bombay Stock Exchange, Vodafone Idea was trading at 12.90, up 9.32 percent from the previous day’s closing of 11.80.
On Tuesday, the share price of Vodafone Idea fell by roughly 20%.
Following the company’s Board resolution to convert government dues into equity, the Government of India is expected to become Vodafone Idea’s largest stakeholder, with a 35.8 percent ownership holding.
