Vodafone Idea plunges 4% after drop in wireless user base in April

Shares of Vodafone Idea plunged 4.2 per cent in Friday’s trade as it lost 15.7 lakh mobile subscribers during April 2022.

According to the data released by the Telecom Regulatory Authority of India (TRAI) on Thursday, Reliance Jio gained 16.8 lakh mobile subscribers, Airtel gained 8.1 lakh subscribers, whereas Vodafone Idea lost around 15.7 lakh subscribers in April 2022.

Jio has pushed its total mobile user count to 40.5 crore after April’s addition. Bharti Airtel’s total user base now stands at 36.11 crore. At the same time, Vodafone Idea’s total user base slid over 25.9 crore in April.

At 11:15 a.m, Vodafone Idea stock traded at Rs 8.27 around 2.82 per cent lower against its previous close of Rs 8.51.

Reliance Jio, Bharti Airtel, and Vodafone Idea account for 98.4 per cent market share in the Indian Telecom sector.

Vodafone Idea founded in the year 1995, is a midcap company with a market share of Rs 26,498.05 crore.

Vodafone Idea scrip has given a negative 3-year return of 29.75 per cent. Promoters held 74.99 per cent in the company as of March 31, 2022.