The share price of Vodafone Idea fell as the telecom operator denied any prospective collaboration with Elon Musk's Starlink. Vodafone Idea's share price fell to an intraday low of 15.95 on the NSE, shedding nearly 5% from its Monday finish of 17 per share.
Vodafone Idea's retort came in the form of a stock market filing on Tuesday, in which the telecom giant stated that it was not in any such discussions with the specified entity. We are unaware of the foundation for the aforementioned news article. Vodafone Idea informed Indian stock markets in response to a clarification request from Indian capital market regulator Securities and Exchange Board of India (SEBI).
News from Vodafone Idea
"This has reference to clarification sought about the news item....... dated 29 December 2023 captioned "Elon's Starlink Tie-Up Talks In Market Pumps Vodafone Idea To The Skies In India," Vodafone Idea said in response to SEBI's request for clarification. In this regard, we would like to state that the Company is not engaged in any such conversation with the identified party. We are unaware of the foundation for the aforementioned news article. We would like to underline and explain that the Company will comply with the SEBI Listing Regulations and would keep the stock exchanges up to date on all price sensitive information."
Vodafone Idea Company News
Last Friday, Vodafone Idea shares surged following news reports of American billionaire Elon Musk visiting Gujarat on January 10, 2024 for a possible tie-up with Vodafone Idea. According to the article, Elon Musk's Starlink needs a spectrum partner in India for its space-linked broadband firm. This prompted heavy purchasing in Vodafone Idea shares on Friday, which extended into the Monday session. On Monday, the Vodafone Idea share price hit a 52-week high of 18.40 per share on the NSE, registering a 38% gain in the previous two days. On Monday, capital market regulator SEBI sought response from Vodafone Idea on the topic after taking suo moto notice of the news story.