Vodafone Idea Share Price: Awesome! A share of Rs 118 at Rs 6, investors suddenly flocked
These shares belong to telecom company Vodafone-Idea. Friday, the last trading day of the week, was a big relief for investors in Vodafone-Idea shares. After a long decline, it has continued to rise since last week. A big news about Voda-Idea came out on Thursday, which led to a rally in the shares. Shares of Vodafone Idea rose nearly 7% in the week-end on Friday, with shares up as much as 10% in the morning session. Shares of Vodafone Idea jumped to an intraday high of Rs 6.65. At the end of the day, the shares closed at Rs 6.45 with gains.
Why did Vodafone Idea’s shares rise?
Famous billionaire Kumar Mangalam Birla was the main reason behind the rise in Vodafone Idea shares. The company reappointed Kumar Mangalam Birla to the Board of Directors. Birla was ousted from the board of directors of Vodafone-Idea two years ago. After this, he resigned as the chairman of the company and now that he is back, the shares are seeing a bumper bounce once again. Kumar Mangalam Birla has joined the board of Vodafone Idea as an additional director in a non-executive and independent role.
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19% decline
Shares of Vodafone Idea have fallen by 19 per cent this year, but have gained 2.38 per cent in the past one month. Vodafone Idea shares were priced at Rs 118 on 10 April 2005. Since then, the shares have been falling steadily. Shares have fallen 84.48 percent in the last five years. It has declined by 35.18% in one year and now investors are hoping for a rebound in this stock.
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