Vodafone Idea shares surge 13% from day’s low as SC sees no impediment with Centre reconsidering issue

Shares of beleaguered telecom company Vodafone India witnessed a sharp U-turn, gaining as much as 13.3% from the day’s low to hit a fresh 52-week high of ₹10.52 on the NSE, after the government informed the court that it is willing to examine the issues raised by the company and is also prepared to reconsider the matter and take an appropriate decision, subject to the court’s permission. The stock opened in the red, down 2% to its day low of ₹9.28.

In its order, the Supreme Court said it sees no impediment in the Centre reconsidering the issue and taking an appropriate decision in the matter. The court clarified that the order applies only to the peculiar facts of this case, given the government’s equity stake in Vodafone Idea and the company’s base of over 20 crore customers.