Vodafone Idea shares fall 10% from day's high on denying Starlink tie-up talks

Shares of Vodafone Idea Ltd plunged 6 per cent in Tuesday's trade after the telecom operator said it was not in any such discussion with tie-up talks with Elon Musk's Starlink. It said it was not aware of the basis of the said news item.

"We wish to reiterate and clarify that the Company will comply with SEBI Listing Regulations and duly keep the stock exchanges informed of all the price sensitive information," it said.

From day's high of Rs 17.78, Vodafone Idea shares tumbled 10.23 per cent to hit a low of Rs 15.96 on BSE. The clarification from Vodafone Idea came after its shares soared in the past two sessions after business magazine BusinessWorld said the market was betting that Elon Musk was looking to buy a stake in the company to help Starlink enter India. The Vodafone Idea stock was up 6.05 per cent on Monday and 21 per cent on Friday.

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To this, stock exchanges had sought clarification from Vodafone Idea. The magazine suggested that the government was looking to offload its 33 per cent stake in Vodafone Idea to tech-billionaire Elon Musk and his satellite internet venture Starlink, collaborating with the carrier.

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