Vodafone Idea shares surged over 6% in morning trade on June 24, following reports that the central government is considering a relief package to ease the company’s massive regulatory dues of ₹84,000 crore.
The stock was trading at ₹6.96, reflecting growing investor confidence.
Government Keen to Avoid Telecom Duopoly
The positive momentum was further supported by Telecom Minister Jyotiraditya Scindia, who clearly stated that India cannot afford a telecom duopoly. He emphasized the importance of having multiple players in every sector, including telecom.
“It’s not good enough having a duopoly or one or two carriers. India must have competition in every sector,” Scindia said at an event in Delhi.
Centre Explores Support Options for Vodafone Idea
As the largest equity shareholder in Vodafone Idea, the government is reportedly evaluating several ways to provide relief. The move comes amid growing concerns that Vodafone Idea could face bankruptcy if the financial stress isn’t addressed soon.
Investor sentiment turned positive, as signs of government backing boosted hopes for the company’s revival and the sector’s stability.
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