Vodafone Idea shares witnessed a significant surge of over 9% on Monday, fueled by strong investor buying. The rise in the telco’s market valuation by Rs 8,775.8 crore comes amid reports that the Supreme Court may have expanded relief measures relating to the company’s adjusted gross revenue (AGR) dues.
AGR, a crucial metric used for calculating licence fees and spectrum charges, has been a source of financial strain for telecom firms. The stock closed 9.28% higher at Rs 9.54 on the BSE, after spiking up to 14.20% during intraday trading, while it also rose 9.27% on the NSE.
Adding to the market buzz, reports highlighted that Vodafone Idea is potentially in talks with a US private equity firm for an investment of up to USD 6 billion. In response, the company clarified its ongoing efforts to explore funding opportunities within the mandates provided by its board.