The shares of Vodafone Idea dropped nearly 4% after the telecom giant issued a clarification on a report claiming that its parent Vodafone Plc plans to transfer part of its stake to the company itself, which had sparked an 8% rally in the share price yesterday.
UK-based Vodafone Plc, which owns a 19% stake in Vodafone Idea, was considering transferring part of its shareholding to the company itself for the Indian telco to hold in its treasury, Bloomberg reported, citing people familiar with the matter. It added that the share transfer would take place instead of Vodafone injecting more cash into the Indian business.
