Business

Vodafone Idea bounces back; shares close 7% higher after initial loss

Shares of Vodafone Idea bounced back from early lows to close 7 per cent higher on Friday.

On the BSE, the stock had plunged 7.39 per cent to Rs 7.64 in early trade. Later, it erased the losses as the trade progressed. It finally closed at Rs 8.83, a gain of 7.03 per cent.

On the NSE, it settled the day 6.66 per cent higher at Rs 8.80. During the morning trade, it had cracked 7.87 per cent to Rs 7.60.

Value-buying at lower levels may have led to recovery in the stock.

In terms of volume, 1,121.88 lakh shares were traded on BSE and over 68 crore on NSE.   Vodafone Idea, after market hours on Thursday, reported widening of net loss to Rs 25,460 crore in the June quarter after it made additional provisioning to pay past statutory dues, and said its ability to continue as going concern hinges on the Supreme Court allowing more time to pay dues.

The nation’s third-largest telecom operator had a net loss of Rs 4,874 crore in April-June 2019 and Rs 11,643.5 crore in the preceding March quarter.

It had reported a net loss of Rs 73,878 crore in full 2019-20 fiscal.

VIL’s revenue from operations came in at Rs 10,659.3 crore for the first quarter of FY2021, sliding 5.4 per cent from the year-ago period.

The company’s Q1 average revenue per user (ARPU) – a key metrics for telcos – took a hit and fell to Rs 114 from Rs 121 in the previous sequential quarter, the declines presenting a stark contrast to Reliance Jio and Airtel, both of which recorded ARPU gains during the quarter.

Source: PTI

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