Shares of Vodafone Idea rose nearly 3 percent on Tuesday after CNBC-TV18 reported that KM Birla is likely to infuse a token sum of less than Rs 1,000 crore in the telecom company.
However, the stock failed to hold on to the initial gains and slipped into the red. The stock fell over 3 percent intraday. At 10:18 am, shares of Vodafone Idea were 1.5 percent lower at Rs 10.70.
Shares of Vodafone Idea have been losing for the last two days and has fallen more than 6 percent during the period.
The stock opened higher after the sources told CNBC-TV18 that Grasim Industries and Hindalco Industries are unlikely to infuse funds in the telecom operator. Aditya Birla Group’s closely held entities may fund the debt-laden telecom operator.
There’s no decision yet from Vodafone Plc on funding.
Another news that did the rounds was that Bharti Airtel and Vodafone Idea have moved telecom tribunal to challenge Telecom Department's demand notices for payment of Rs 3,050 crore cumulative penalties in the points of interconnecting matter.
The Department of Telecommunications (DoT) had recently issued demand notices to both the telcos to pay cumulative Rs 3,050 crore in penalties in three weeks' time for violating norms by denying Reliance Jio points of interconnect (PoIs) way back in 2016.
Industry sources said that both the telecom operators have now moved the Telecom Disputes Settlement and Appellate Tribunal challenging the DoT’s demand notices and penalty and that the matter could come up for hearing on Tuesday, according to the report.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Gonda Lok Sabha election: BJP's Kirti Vardhan Singh takes on Beni Prasad Verma's granddaughter Shreya
May 19, 2024 10:19 PM
Faizabad Lok Sabha election: Can Ayodhya Ram Temple strengthen BJP's stronghold here?
May 19, 2024 10:16 PM
Amethi Lok Sabha election: Can BJP's Smriti Irani retain the Congress bastion she won in 2019?
May 19, 2024 10:12 PM
Rae Bareli Lok Sabha Election: Can Rahul hold on to this Gandhi family bastion?
May 19, 2024 10:09 PM