Vodafone Idea denies tie up with Elon Musk's Starlink. Share dips

share price tumbled after the telecom company rebutted media reports about any possible tie up with Elon Musk's Starlink. Vodafone Idea share price touched its intraday low of 15.95 apiece on NSE, losing around 5 per cent against its Monday close of 17 per share. Vodafone Idea's rebuttal came in its exchange filing on Tuesday in which the telecom company said that it was not in any such discussion with the named party.

We are not aware of the basis of the said news item. Vodafone Idea told Indian stock market exchanges while replying to the clarification sought by Indian capital market regulator Securities and Exchange Board of India (SEBI). Vodafone Idea news While replying to the clarification sought by SEBI, Vodafone Idea said, "This has reference to clarification sought about the news item .......

dated 29 December 2023 captioned "Elon's Starlink Tie Up Talks In Market Pumps Vodafone Idea To The Skies In India". In this regard, we would like to submit that the Company is not in any such discussion with the named party. We are not aware of the basis of the said news item. We wish to reiterate and clarify that the Company will comply with SEBI Listing Regulations and duly keep the stock exchanges informed of all the price sensitive information." Vodafone Idea share news On Friday last week, Vodafone Idea shares skyrocketed after the news reports of American billionnaire Elon Mush visiting Gujarat on 10th January 2024 for a possible tie up with Vodafone Idea.

The news report said that Elon Musk's Starlink requires a spectrum partner in India for its space linked broadband business. This triggered strong buying in Vodafone Idea shares on Friday, which continued on Monday session as well. On Monday, Vodafone Idea share price touched 52 week high of 18.40 apiece on NSE, logging over 38 per cent rally in last two sessions.

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