Vodafone Idea Ltd. shares fell from the highs of the day on Monday, March 10, after the company received no relief from the government with regards to the ₹6,090 crore bank guarantee that needs to be submitted today, sources with knowledge of the matter told CNBC Awaaz.Vodafone Idea will now have to deposit the bank guarantee worth ₹6,090 crore by the end of day as today is the deadline for the company to do so.
The Department of Telecom (DoT) had sought this bank guarantee from Vodafone Idea for spectrum that the company had acquired post 2015.
The telecom service provider had sought relief on submitting this bank guarantee but has not received any, according to the sources.Vodafone Idea has not responded to queries from CNBC Awaaz.
The Department of Telecom (DoT) had sought this bank guarantee from Vodafone Idea for spectrum that the company had acquired post 2015.
The telecom service provider had sought relief on submitting this bank guarantee but has not received any, according to the sources.Vodafone Idea has not responded to queries from CNBC Awaaz.
Brokerage firm HSBC maintained its “reduce” rating on Vodafone Idea last week, cutting its price target to ₹6.5 per share from ₹7.1 earlier, implying a potential downside of 17.3% from current levels.
Out of the 21 analysts that have coverage on Vodafone Idea, only four of them have a “buy” rating on the stock, while 12 have a “sell” rating. Five have a “hold” rating on the stock.
Shares of Vodafone Idea are currently trading 0.5% lower at ₹7.5. The stock is trading close to its 52-week low of ₹6.61.
First Published: Mar 10, 2025 11:31 am IS
