Vodafone Idea jumps 25 per cent, Bharti Airtel settles over 9 per cent

Apart from Vodafone Idea, fellow telecom major Bharti Airtel too rose 9.24 per cent to settle at Rs 396.00 on NSE and by 8.42 per cent to end at Rs 393.20. The stock had hit its 52-week high of Rs 398.50 on NSE during the day’s trade.

Vodafone Idea and Bharti Airtel came out with a huge combined loss of Rs 73,967 crore for the September quarter of the financial year 2019-20, threatening the ability of the two firms to “continue as a going concern”.

Vodafone Idea alone posted a net loss of Rs 50,922 crore for the second quarter, the highest ever net loss reported by a company in India. The company’s performance took a hit on account of an exceptional charge of Rs 25,680 crore it took during the quarter, due to the recent Supreme Court ruling on adjusted gross revenue (AGR). On the other hand, Bharti Airtel posted its biggest consolidated net loss at Rs 23,045 crore for the July-September quarter.

Airtel, however, had reported positive revenue growth in the September quarter on the back of various initiatives that are aimed towards providing superior differential services through its Airtel Thanks platform. The company’s consolidated revenue rose by 6.9 per cent year-on-year (YoY) to Rs 21,131 crore during the quarter ended September, while the India revenues rose 5.7 per cent YoY at Rs 15,361 crore.

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