Vodafone Idea Share Price Surged 48.33 Percent on NSE

In afternoon trades Vodafone Idea shares surged on the back of massive trading volumes. On the BSE the shares jumped almost 48 per cent to hit an intra-day high of Rs 4.45. On NSE, Vodafone Idea's share price surged as much as 48.33 per cent to hit an intra-day high of Rs 4.45.

With today's increase in Vodafone Idea's shares, the company's market capitalisation rose to Rs 12,902 crore (at day's high), when compared to Tuesday close of Rs 8,707. In the past two weeks, around 10.38 crore shares changed hands on the BSE when compared with an average of 6.33 crore shares traded daily.

We all know that the telecom companies were under pressure to pay AGR dues worth crores of rupees to the telecommunications department.

So far this year till yesterday, Vodafone Idea's shares have jumped 51 per cent, to massively underperform the Sensex which is down nearly 1 per cent during the period.

In the meantime, the exchange has sought after clarification from Vodafone Idea regarding the significant movement in price, to ensure that investors have the latest relevant information about the firm.

Earlier this week, on Monday, Vodafone Idea paid, a portion of its statutory dues Rs 2,500 crore to the telecommunications department. Vodafone Idea also said that it would pay Rs 1,000 crore before the end of the week.

The Supreme Court had asked the wireless carriers to pay Rs 92,000 crore in overdue levies and interest. The telecom operators were granted three months to clear their dues with the telecom department.

Vodafone Idea is due Rs 53,000 crore, which includes Rs 24,729 crore of spectrum dues and another Rs 28,309 crore in the licence fee. At the end of the market closing, Vodafone Idea traded at Rs 4.20 per share.