Vodafone Idea tumbles 6% after denying tie-up rumours with Starlink

Vodafone Idea witnessed a 6 per cent plunge in its shares as Indian telecom giant refuted speculations of engaging in talks with Elon Musk's Starlink. denial from Vodafone Idea comes after recent surges in its stock. This surge was prompted by reports suggesting a potential collaboration between telecom operator and Musk's satellite internet unit.

On Tuesday, January 2, Vodafone Idea shares dipped 6.17 per cent to hit an intray low of Rs 15.95 apiece.

In response to speculation, Vodafone Idea clarified that it is t currently in discussions with Starlink and is unaware of basis for market rumours. 

Vodafone Idea's stock surged over past two sessions, following media reports suggesting Elon Musk's interest in acquiring a stake in company. Bombay Stock Exchange sought clarification from Vodafone Idea on Monday in response to media reports.

"We would like to submit that company is t in any such discussion with named party. We are t aware of basis of said news item," stated Vodafone Idea in its response to exchange.

rumour, taken up by multiple news outlets on Friday, triggered a 21 per cent surge in Vodafone Idea's stock, followed by an ditional 6 per cent jump on Monday. tring volume during se sessions reached approximately 1.7 billion shares, marking highest in almost two years.

Vodafone Idea's stock experienced a downturn after company's clarification on Tuesday afteron, with a nearly 5 per cent decline and almost 1 billion shares changing hands.

Vodafone, hequartered in UK, has previously partnered with Amazon.com's Kuiper for internet networks in Europe and Africa. However, Kuiper does t operate in India. denial of talks with Starlink underscores competitive dynamics in Indian telecom sector, where Bharti Airtel and Reliance's Jio dominate, while Vodafone Idea grapples with subscriber losses and financial challenges