Vodafone Idea slides after telecom firm denies tie-up rumours with Elon Musk's Starlink

Vodafone Idea Share Price: Vodafone Idea shares declined on Wednesday (January 3, 2024), continuing to fall for a second straight session, after the telecom company denied reports that it was in tie-up talks with Elon Musk's satellite internet company, Starlink. 

Vodafone Idea ended the trading session lower by 0.87 per cent, or Re 0.14, at Rs 15.89 apiece on BSE on Wednesday.

"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," Vodafone Idea said during market hours on Tuesday, a day after BSE asked for clarification on the matter.

Earlier, the telecom company's stock hit a series of 52-week highs amid hopes of a revival in the debt-ridden company.

Vodafone Idea has not reported a profit since it was formed in 2018 -- through the merger of UK-based Vodafone's Indian unit with Aditya Birla Group's Idea Cellular.

Moreover, the Indian government owns roughly a third of Vodafone Idea after it converted into equity all the dues the company owed for using airwaves and spectrum.

(With inputs from agencies)