Macquarie sounds alarm on Vodafone Idea, downgrades stock to ‘underperform’, cuts target price

Shares of Vodafone Idea (Vi) came under pressure after global brokerage firm Macquarie downgraded the telecom operator’s stock to ‘Underperform’ and revised its target price downwards to Rs 6.50, from the earlier Rs 7. The downgrade comes in response to the latest equity dilution move by the Government of India (GoI), which now holds a significantly higher stake in the company.