IndianMascot
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Shares of Vodafone Idea jumped 35 per cent in Friday's trade after a Financial Times report on Thursday said Alphabet Inc’s Google is exploring an investment in Vodafone Group Plc’s struggling India business. However, the stock pared gains following a clarification by the telecom company.
"Currently, there is no proposal as reported by the media that is being considered at the Board," the company said in a clarification.
At 3:22 pm the stock was trading 12.89 per cent higher at Rs 6.57 per share, while benchmark Sensex was up 0.60 per cent at 32,394.48 points. It had jumped as much as 35 per cent in intraday trade to Rs 7.85.
Google is considering buying a stake of about 5 per cent in Vodafone Idea, the FT had reported. For a 5 per cent stake, Google will have to shell out $110 million. Its Nasdaq-listed parent Alphabet has a market cap of $968.05 billion.
Read more at:
Voda Idea jumps 35% on reports Google eyeing 5% stake in telco
"Currently, there is no proposal as reported by the media that is being considered at the Board," the company said in a clarification.
At 3:22 pm the stock was trading 12.89 per cent higher at Rs 6.57 per share, while benchmark Sensex was up 0.60 per cent at 32,394.48 points. It had jumped as much as 35 per cent in intraday trade to Rs 7.85.
Google is considering buying a stake of about 5 per cent in Vodafone Idea, the FT had reported. For a 5 per cent stake, Google will have to shell out $110 million. Its Nasdaq-listed parent Alphabet has a market cap of $968.05 billion.
Read more at:
Voda Idea jumps 35% on reports Google eyeing 5% stake in telco
