Exclusive: News of LIC buying stake in Vodafone Idea baseless, say sources

State run-insurer Life Insurance Corporation of India (LIC) has no plans to buy a stake in Vodafone Idea, Zee Business’ Anurag Shah told Managing Editor Anil Singhvi in this big breaking news. The news of a likely stake purchase by LIC in the telecom company are baseless with absolutely no truth in them, Shah said, quoting top sources in the largest life insurance company in India. 

Shah said that the sources have reasoned that under the current circumstances, when the existing investors are looking to exit the company, why would LIC buy a stake. There is no rationale behind this, Shah said quoting sources.

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#ZBizExclusive | LIC नहीं खरीदेगी वोडाफोन आइडिया में हिस्सा: सूत्र
LIC के मुताबिक हिस्सा खरीदने की खबरें निराधार!#VodafoneIdea @LICIndiaForever @anuragshah710 @AnilSinghvi_ pic.twitter.com/23D9zJsTgZ

— Zee Business (@ZeeBusiness) August 11, 2020

 There were reports  circulating of a 10 per cent stake purchase by LIC in Vodafone Idea. 

LIC sources have dubbed these news as mere speculation, Shah said. 

Today, the shares of Vodafone Idea were trading around Rs 8.75 on the NSE, down by over 3.8 per cent from the previous close. 

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The company in its June quarter results has reported a loss of Rs 25,460 cr while its Q1FY21 ARPU (Average Revenue Per User)  has come down to Rs 114 from Rs 121 in Q4FY20, the company has said in its exchange filing. Vodafone Idea had over 279.8 million subscribers as of June 30, 2020.