CARE upgrades Vodafone Idea's credit rating

5 Jun 2024 , 02:21 PM

Following the upgrading of the company’s Long Term Bank credit rating from B+ to BB+ by rating agency CARE Ratings, which maintained a stable outlook, Vodafone Idea shares surged 12% intraday on Wednesday, reaching the day’s high of ₹14.85 on the NSE. Additionally, the Short Term credit rating was raised from A4 to A4+.

The company made the news after market hours on Tuesday. The stock fell about 17% on the day of the count in response to the election results, which showed that the Bharatiya Janata Party (BJP) had failed to secure a majority on its own. The stock ended the day at ₹13.20.

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