In a highly volatile trade, shares of Vodafone Idea on Wednesday settled in the red after soaring 8.5 per cent in early deals amid reports that a Government panel is being formed to work out a bailout package for the telecom sector.
Vodafone Idea stock closed at `3.81 apiece, 1.04 per cent lower on the BSE. Intra-day, its shares zoomed 8.57 per cent to `4.18 a unit.
Buoyed by the reports, Bharti Airtel too saw its stock rise 2.31 per cent to close at `368.25 apiece.
Its shares fell over 3 per cent on Tuesday after the company deferred the September quarter result announcement till November 14, due to the adjusted gross revenue (AGR) issue.
As the telecom sector stares at a massive payout following a Supreme Court order, the government has created a Committee of Secretaries (CoS) to work out a financial bailout package that may include lowering of spectrum charges as well as ending the era of free mobile phone calls and dirt cheap data.
The CoS has been asked to examine “all aspects” of “financial stress” faced by service providers such as Bharti Airtel and Vodafone-Idea and suggest measures to mitigate them, sources in the Department of Telecommunications (DoT) said.
