Vodafone Idea slump 3.7%; Kumar Mangalam Birla buys 1.86 crore shares

Shares of Vodafone Idea slipped as much as 3.7% to an intraday low of Rs 13.03 even after the company’s promoter Kumar Mangalam Brila bought 1.86 crore shares on September 06.

Also, Pilani Investment bought 30 lakh shares on the same date.

The stock has been on a selling spree since September 06 after Goldman Sachs in its research report gave a “Sell” rating to the stock. It also said that it sees up to 83% downside in the stock price. It gave a price target of Rs 2.5 per equity share, up from the previous target price of Rs 2.2.