Vodafone-Idea Ltd (VIL) stocks jump nearly 25 Percent

Mumbai: Vodafone-Idea Ltd (VIL), on Monday which had hinted at not being able to remain as a going concern if relief does not come for the sector, advanced nearly 25 percent on the NSE over a possible government-led revival. The sharp reversal in Vodafone and other telecom counters came after Finance Minister Nirmala Sitharaman said the government doesn’t want any telecom company to shut operations. VIL closed 24.66 percent higher at Rs 4.55 a stock on the NSE while Bharti Airtel also ended 4.62 percent at Rs 411.20 apiece. Besides, the BSE Telecom index also jumped at 3.42 percent. “Telecom stocks showed good momentum over reports that the government is considering a floor on tariffs,” said Deepak Jasani of HDFC Securities. Airtel and Vodafone Idea have posted a combined loss of Rs 74,000 crore in Q2 by provisioning for the AGR pending dues. (IANS)

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