Vodafone Idea shares jump 10 pc; hit upper circuit limit

Shares of Vodafone Idea on Tuesday jumped 10 per cent as the government’s stake in the firm will more than double to 48.99 per cent as it is set to acquire shares worth Rs 36,950 crore in lieu of outstanding spectrum auction dues.

The stock surged 9.99 per cent to Rs 7.49 — its upper circuit limit — on the BSE.

At the NSE, it jumped 10 per cent to Rs 7.48 — the highest trading permissible limit for the day.

The government is already the single-largest shareholder in the debt-ridden Vodafone Idea with 22.6 per cent stake, and the fresh move will take its total holding to more than the combined stake of the company’s promoter firms — Vodafone and Aditya Birla Group.