Vodafone Idea rises 5% after clarifying on report of possible shutdown

The Company's ability to continue as going concern is dependent on obtaining the reliefs from the Government and positive outcome of the proposed legal remedy, the company said.

Dec 11, 2019 04:12 IST India Infoline News Service

Vodafone Idea
Vodafone Idea clarified to the exchanges with respect to a recent news item captioned "Vodafone Idea will shut in absence of govt relief, says Chairman Kumar Mangalam Birla."

The filing said, "...no negotiations were taking place between the Company and its Shareholders regarding this. The news item has no material impact on the company. The Company has already made disclosure to the effect in the Notes to Accounts in the Financial Statement for the quarter ended September, 2019 as submitted to the stock exchange on 14th November, 2019." 

"The relevant extract of the note is as below:

' ...The Company's ability to continue as going concern is dependent on obtaining the reliefs from the Government, as discussed in Note 5(A) above and positive outcome of the proposed legal remedy ....'
Vodafone Idea Ltd is currently trading at Rs6.90 up by Rs0.34 or 5.18% from its previous closing of Rs6.56 on the BSE.
The scrip opened at Rs6.61 and has touched a high and low of Rs7.08 and Rs6.61 respectively. So far 9,86,85,654 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs18,850.42cr.

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