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## Telecom company Vodafone-Idea Denies Reports of Acquisition by US Telecom Giants

Telecom company Vodafone-Idea Ltd has denied rumors circulating during the weekend that it will be acquired by a US telecom giant soon. Reports had suggested that Verizon, Amazon, and Starlink were all contenders in the race to acquire Vodafone-Idea, which is currently burdened with debt.

In response to the news, Vodafone-Idea issued a statement saying, “We wish to submit that the said News item is incorrect. The company is not in discussion with any of the named parties.” This clarification came in a stock exchange filing.

Vodafone-Idea recently made a significant payment of Ôé╣1,701 crore to the Department of Telecommunications as part of the 2022 spectrum auction. The company acquired the 3300 MHz and 26 GHz 5G frequency bands, worth Ôé╣18,799 crore. They fulfilled their obligation as per the terms of Notice Inviting Applications dated June 15, 2022.

Following this development, the share price of Vodafone-Idea initially surged by 5.7% to reach a 52-week high of Ôé╣12.40. However, it later experienced a sharp decline of 7.8%, hitting an intraday low of Ôé╣10.81. Ultimately, the stock closed 6.82% lower at Ôé╣10.93. Currently, the share price stands at 11.8% lower than the 52-week high of Ôé╣12.40.

Despite these fluctuations, Vodafone-Idea shares are still trading 91.7% higher than their 52-week low of Ôé╣5.7, reached on March 31 of this year. During the trading session, the company’s market capitalisation was valued at Ôé╣53,206.9 crore, with over 959.17 lakh shares exchanging hands on the BSE, compared to the two-week average of 887.46 lakh shares.

In the April to June quarter of FY24, Vodafone-Idea’s consolidated loss widened to Ôé╣7,840 crore quarter-on-quarter, compared to Ôé╣6,418.9 crore in the January to March quarter of FY24, due to a decline in the subscriber base. However, the company did note a 1.2% increase in revenue from operations during the June quarter, which amounted to Ôé╣10,655.5 crore, compared to Ôé╣10,531.9 crore in the January to March quarter of FY23. Moreover, the company’s EBITDA for the same quarter stood at Ôé╣4,157 crore, compared to Ôé╣4,210.3 crore in the previous quarter.

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