Vodafone Idea shares jump 8% to 4-month high. What’s driving the rally amid stock market crash?

The shares of Vodafone Idea rallied more than 8% to hit a four-month high level on Monday, bucking the overall bearish market sentiment, after a report hinted that its parent company, Vodafone Plc, plans to transfer part of its stake to the company itself.

UK-based Vodafone Plc, which owns a 19% stake in Vodafone Idea, is considering transferring part of its shareholding to the company itself for the Indian telco to hold in its treasury, Bloomberg reported, citing people familiar with the matter. It added that the share transfer would take place instead of Vodafone injecting more cash into the Indian business.