Shares of beleaguered telecom company Vodafone India witnessed a sharp U-turn, surging as much as 11.4% from day’s low to a fresh 52-week high of Rs 10.52 on the NSE, after the government informed the court that it is willing to examine the issues raised by Vodafone Idea and is also prepared to reconsider the matter and take an appropriate decision, subject to the court’s permission. The stock opened over 2% lower
In its order, the Supreme Court said it sees no impediment in the Centre reconsidering the issue and taking an appropriate decision in the matter. The court clarified that the order applies only to the peculiar facts of this case, given the government’s equity stake in Vodafone Idea and the company’s base of over 20 crore customers.
The court further stated that there is no reason why the Centre should be prevented from reviewing the matter, while clarifying that the order applies only to the peculiar facts of this case, given the government’s stake and Vodafone Idea’s large customer base.
MORE TO COME….
