Vodafone Idea Shares Plunge 3% After TRAI Report Shows 13.2 Lakh Subscribers Loss
Vodafone Idea shares fell over 3 per cent on Thursday, 28 September after the July month’s subscription data report showed that the company lost around 1.32 million subscribers for the company.
TRAI had reported a loss of 1.29 million subscribers in June from Vodafone Idea.
According to the latest data for July, VI’s market share in the wireless subscribers segment now stands at 19.92 per cent from 20.08 per cent earlier.
At 2 pm, Vodafone Idea shares were trading 2.92 per cent down at Rs 11.70 on the National Stock Exchange (NSE).
Vodafone Idea, third largest telecom operator in India, lost subscribers for the 28th consecutive month.
In April to June quarter for FY24, the telecom major reported 2.36 per cent YoY (year-on-year) increase in revenue for operations at Rs 10,656 crore. Net losses for the quarter stood at Rs 7,840 crore compared to a loss of Rs 7,297 crore in the corresponding quarter of FY23.
On the other hand, Reliance Industries (RIL) and Bharti Airtel shares gained in early trade on Thursday. However, later in the session, Reliance shares fell over 1 per cent and Bharti Airtel shares were trading almost flat at Rs 921.15, amid a volatile session.
According to TRAI data, Reliance added 3.91 million customers in July compared to 2.27 million in June. Bharti Airtel added 1.52 million subscribers compared to 14.1 lakh in June.
Shares of Vodafone Idea have surged over 30 per cent in the past one month and nearly 100 per cent in last six months. The company’s current market cap stand at Rs 56,700 Crore, as per NSE.