Macquarie sounds alarm on Vodafone Idea, downgrades stock to ‘underperform’, cuts target price
Shares of Vodafone Idea (Vi) came under pressure after global brokerage firm Macquarie downgraded the telecom operator’s stock to ‘Underperform’ and revised its target price downwards to Rs 6.50, from the earlier Rs 7. The downgrade comes in response to the latest equity dilution move by the Government of India (GoI), which now holds a significantly higher stake in the company.
Following this, the stock ended 3% lower at Rs 7.95 on the NSE on Friday.
The government has decided to convert Vodafone Idea’s outstanding spectrum dues for FY26 into equity, increasing its ownership in the company from 22.60% to 48.99%. Consequently, the Aditya Birla Group’s shareholding has fallen to 9.5% (from 14.4%), while the Vodafone Group’s…
