After vodafone Idea denied having discussions about a potential partnership with Elon Musk’s Starlink, the telecom giant’s stock fell more than 5%.

Vodafone Idea Disclaims

Today’s stock market: After Vodafone Idea refuted media speculations of a potential partnership with Elon Musk’s Starlink, the telecom company’s share price fell. The price of Vodafone Idea shares on the NSE fell as low as ₹15.95 apiece during the intraday, shedding about 5% from its Monday closing price of ₹17 per share.

Vodafone Idea’s retort came in the form of a stock market filing on Tuesday, in which the telecom giant stated that it was not in any such discussions with the specified entity. We are unaware of the foundation for the aforementioned news article. In response to the clarification requested by the Securities and Exchange Board of India (SEBI), the Indian capital market regulator, Vodafone Idea informed stock exchanges in India.

News About Vodafone Idea

According to Mint, in response to SEBI’s request for clarification, Vodafone Idea stated, “This relates to the request for clarification regarding the news item dated December 29, 2023, with the caption “Elon’s Starlink Tie-Up Talks In Market Pumps Vodafone Idea To The Skies In India.” In this context, we would like to clarify that the company is not having any discussions of this kind with the party mentioned. We don’t know where the aforementioned news item originated. The company will adhere to SEBI Listing Regulations and appropriately notify the stock exchanges of all price-sensitive information, which we would like to stress and make clear.”

Vodafone Idea disseminates information

Following news sources on Friday of last week, which mentioned American billionaire Elon Musk visiting Gujarat on January 10, 2024, in hopes of partnering with Vodafone Idea, the stock price of Vodafone Idea surged. According to the news article, Elon Musk’s Starlink needs an Indian spectrum partner for its space-linked internet venture. This led to significant buying of Vodafone Idea stock on Friday, and that buying persisted throughout Monday’s trading session. The price of Vodafone Idea shares on the NSE reached a 52-week high of ₹18.40 on Monday, recording a gain of more than 38% over the previous two sessions.

Capital market regulator SEBI had contacted Vodafone Idea on Monday to request clarification on the subject after taking suo moto notice of this news article.