Vodafone Idea bounces back

Yesterday, Vodafone Idea had hit a new 52-week low at Rs.3.31, figuring among the top five losers on the BSE. Today, there is a complete reversal; it has bounced back to the top five gainers and surged 23% to Rs.4.78. Its 20% UC for today is not too far at Rs.4.86.

The market is at ease now as Vodafone clarified that it does not plan to exit from India.

It also issued a clarification over the news of the debt recast. It said, “There has been reportage in some media alleging that Vodafone Idea has approached its lenders for debt recast. We categorically deny and dismiss this as baseless and factually incorrect. We have not made any request for debt recast to any lender or asked for reworking of payment terms. We continue to pay all our debts as and when these fall due"