To the brink & back: Vodafone-Idea jumps 18%

Mumbai: Vodafone-Idea (VIL) on Monday advanced nearly 18 percent on the NSE over investors renewed interest in telecom stocks over a possible government-led revival. Bharti Airtel also surged by 3.5 percent.

This comes after Finance Minister Nirmala Sitharaman on Friday stated that the government doesn’t want any telecom company to shut operations.

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“All factors have been subsumed in the discussions within the government in the telecom sector. Post-AGR, the Finance Ministry is trying to understand the impact of the order on the telecom sector,” Sitharaman said.

Airtel and Vodafone Idea — have posted a combined loss of Rs 74,000 crore in Q2 by provisioning for the AGR pending dues. Vodafone has hinted at not being able to remain as a going concern if relief does not come for the sector.

(IANS)

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