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Vodafone Idea shares on the BSE up 30%
Mumbai, Nov 19 - Vodafone Idea (VIL) shares on the BSE jumped as much as 30 per cent to Rs 5.85 a share during the last hour of trade on Tuesday.
VIL had gained over 25 per cent on Monday, supported by favourable comments from the Finance Minister Nirmala Sithraman on the current telecom crisis.
Earlier, both Bharti Airtel and Vodafone said they will hike tariffs from December 1 after they posted historic losses on account of provisioning for the AGR pending dues.
Vodafone had also noted that the acute financial stress in the telecom sector has been acknowledged by all stakeholders and a high-level committee of secretaries (CoS) headed by the Cabinet Secretary is looking into providing appropriate relief.
Vodafone Idea Ltd had said that it would "suitably increase the prices of its tariffs" effective from December 1.
Airtel and Vodafone Idea had posted a combined loss of Rs 74,000 crore in Q2 by provisioning for the AGR pending dues. Vodafone has hinted at not being able to remain as a going concern if relief does not come for the sector.
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