Vodafone Idea Ltd (VI) shares slipped over 9% in early morning trade following comments from Minister of State for Communications, Chandra S. Pemmasani, clarifying that the government is not considering any additional relief package for the telecom company. As of 9:47 AM, the shares were trading 9.05% lower at Rs 6.73.
In an interview with CNBC-TV18, Pemmasani highlighted that the government has already taken extensive measures to support Vodafone Idea. “Whatever we wanted to do has already been done,” he said, referring to the 2021 relief package, under which nearly ₹53,000 crore of dues were converted into government equity. Currently, the government holds a 49% stake in Vodafone Idea.
The minister emphasized that the company’s future operations are entirely in the hands of its management. “Vodafone is up to their management. They are all business people. They know how to manage. It’s up to them how they want to take it forward,” Pemmasani added.
He also ruled out any further increase in government equity, noting that converting additional dues into equity would essentially turn Vodafone Idea into a public sector undertaking (PSU), which the government has no plans to pursue.
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