Vodafone Idea Ltd’s stock surged to a 52-week high at ₹18.42 on New Year’s Day, amid swirling rumours that tech magnate Elon Musk might acquire a significant stake in the company through his satellite venture, Starlink. This news, still unconfirmed, has set the market abuzz, prompting SEBI to seek a response from India’s third-largest telecom provider.

What Happened: Despite the stock’s impressive rally, the futures market displayed a distinct lack of enthusiasm, signalling a potential disconnect in investor sentiment across different trading segments. The cash market’s substantial delivery-based buying starkly contrasted with the futures segment, where positions remained relatively unchanged.

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This surge in Vodafone Idea’s stock, marked by significant trading volumes and heightened investor interest, has raised numerous questions. Speculations about a Musk-led investment and potential waivers on spectrum fees have added to the fervour. However, government sources have indicated to the Mint that no discussions about such a deal have been communicated, leaving the rumour mill in overdrive.

Igniting the fire: Adding to the intrigue, Gujarat’s health minister recently mentioned talks with Musk about establishing a Tesla plant in the state. Yet, there’s been no official statement from either party.

In the telecom domain, Starlink has already applied for a GMPCS license, a step towards offering satellite broadband services in India. Meanwhile, Reliance Jio has stepped up its Satcom endeavours too awaiting a critical green flag from India’s space industry regulator, IN-SPACe.

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