Vi stock tanks 4% after Vodafone Group says telco needs liquidity support
Shares of Vodafone Idea plunged 4% to ₹7 apiece on the NSE.
Shares of Vodafone Idea plunged 4% to ₹7 apiece on the NSE.
A meeting of the board of directors of the telecom company is scheduled to be held on Wednesday, 22nd June 2022, to consider a proposal for raising funds aggregating up to ₹500 cr.
Brokerage firm Nomura has retained its 'reduce' call on Vodafone Idea with a target price of ₹8 per share, suggesting a potential 28% downside from Thursday’s closing price of ₹11.08.
The deal comes with a stipulation that the proceeds shall be used to induce fresh equity in Vodafone Idea and simultaneously remitted to Indus Towers.