Vodafone Idea falls 4%; Rs 18,000-crore FPO anchor book to open today

Shares of Vodafone Idea dropped as much as 3.95 per cent to hit an intraday low of Rs 12.64 per share. The drop comes in reaction to the follow-on public offering (FPO) anchor book, which will open today.

Vodafone Idea shares have plunged 25.19 per cent year-to-date (YTD), but have surged 7 per cent in the past 6 months.

Cash-strapped Vodafone Idea, from its Rs 18,000 crore FPO, aims to boost existing 4G sites, and set up new 4G sites and 5G sites. Vodafone Idea will also use the funds to pay off certain deferred payments for spectrum to the DoT and the GST thereon.