Vodafone Idea share price slips as firm rejects reports of Vodafone group’s stake transfer plan

Shares of Vodafone Idea came under pressure on Tuesday, 12 May, snapping their two-day winning run after the telecom operator clarified that it had not received any communication from the Vodafone Group regarding a possible transfer of promoter shareholding to the company as treasury stock.

In an exchange filing issued on May 11, Vodafone Idea responded to media reports that claimed Vodafone Group was evaluating a proposal to transfer a portion of its stake in the company to strengthen its Indian arm’s capital position and support debt-raising efforts.