Government to convert Vodafone Idea's dues into equity; stock zooms 24%

Shares of Indus Towers, too, surged 15 per cent to Rs 164.80 on the BSE

Shares of Vodafone Idea (Vi) zoomed over 24 per cent to a high of Rs 8.57 on the BSE on Monday after the government decided to convert the company's accrued interest worth Rs 16,133 crore, on account of deferment of adjusted gross revenue (AGR) and spectrum dues, into equity.

The stock trades in the futures & option (F&O) segment, which has no circuit limits. The stock of the telecom services provider had hit a record low of Rs 6.33 on January 27, 2023. Around 500 million equity shares have, so far, changed hands on the BSE and NSE.