Shares of Vodafone Idea Ltd. surged 4%, reaching a day’s high of Rs 9.52 on 8th October, after the firm clarified that it had made detailed representations to the Department of Telecommunications (DoT).

Vodafone Idea mentioned it is in talks with the DoT to remove bank guarantee requirements for spectrum acquired before 2022.

The company has made detailed representations and emphasised that this request is also an industry-wide concern.

Vodafone Idea stated it will disclose the necessary information as required by law once the DoT decides on the bank guarantee issue.

The company’s response followed reports of the DoT issuing a notice for not submitting the required bank guarantees for past spectrum dues. Discussions with the finance ministry on waiving the requirement are ongoing but still need finalised.

The notice was issued because the Vodafone Group and Aditya Birla Group joint venture failed to submit the required bank guarantees on time for spectrum dues from pre-2022 auctions.

So far in 2024, the stock has given negative returns of almost 44%. The company’s market capitalisation stands at around Rs 66,075 crore.

At 10:35 AM, the shares of Vodafone Idea were trading 3.82% higher at Rs 9.51 on NSE.

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