Vodafone Idea shares surge 19% on retro tax changes

New Delhi: Shares of Vodafone Idea surged as much as 19 per cent in early trade on Friday after the government decided to amend the income tax law to do away with retrospective taxation.

Finance Minister Nirmala Sitharaman introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha on Thursday to withdraw tax demands made using a 2012 retrospective legislation on indirect transfer of Indian assets prior to May 28, 2012.

Shares of Vodafone Idea rallied 19 per cent to Rs 7.04 on Friday, before trading at Rs 6.87 at 10.08 am. BSE Sensex was trading 117.45 points, or 0.22 per cent, higher at 54,610.29 at the same time. The scrip settled at Rs 5.94 on Thursday.