Vodafone Idea rebounds 53% from day’s low on hopes of relief package

Shares of Vodafone Idea rallied 38 per cent to Rs 5.80 on the BSE on Friday after media report suggested that the Union Cabinet has likely approved a bailout plan for the stressed telecom industry which proposes to give relief to the telecom companies with respect to their pending adjusted gross revenue (AGR) dues.

The stock of Vodafone Idea bounced back 53 per cent from its intra-day low of Rs 3.78 on the back of heavy volumes. The market price of the telecom services provider was trading at its highest level since January 27, 2020.

At 12:07 pm, Vodafone Idea was trading 33 per cent higher at Rs 5.56 on the BSE, as against a 0.68 per cent rise in the S&P BSE Sensex. A combined 920 million shares have changed hands on the counter on the NSE and BSE till the time of writing of this report.