Business

Vodafone Idea Surges Nearly 50% On Heavy Volumes

Vodafone Idea Surges Nearly 50% On Heavy Volumes

Vodafone Idea shares surged as much as 48 per cent to hit an intraday high of Rs 4.49.

Vodafone Idea shares surged as much as 48 per cent to hit an intraday high of Rs 4.49 on the BSE. On the National Stock Exchange, Vodafone Idea's share price jumped as much as 48.33 per cent to hit an intraday high of Rs 4.45. Surge in Vodafone Idea's share price came on the back of heavy trading volumes. With today's surge in Vodafone Idea's shares price, the market capitalization of the company rose to Rs 11,293 crore. The telecom companies have been under pressure to pay crores of rupees in Adjusted Gross Revenue dues to the department of telecommunications.

As many as 7.92 crore shares changed hands on the BSE compared with an average of 6.33 crore shares traded daily in the past two weeks.

Vodafone Idea's shares have so far this year plunged 51 per cent till yesterday, massively underperforming the Sensex which is down nearly 1 per cent.

Earlier this week, Vodafone Idea said its board has authorised the company to immediately pay Rs 2,500 crore, a portion of its statutory dues, to the telecom department on Monday.

The company also said that it will pay another Rs 1,000 crore before the end of the week.

In October, the Supreme Court had upheld the telecom department's demand that wireless carriers pay Rs 92,000 crore in overdue levies and interest, and had given the telecom operators three months' time to clear their dues with the telecom department.

Vodafone Idea has dues worth Rs 53,000 crore, which includes up to Rs 24,729 crore of spectrum dues and another Rs 28,309 crore in licence fee.

As of 1:21 pm, Vodafone Idea traded 32 per cent higher at Rs 4.01 per share.