Shares of Vodafone Idea jumped back in the green on Monday after ending in the red for the past seven sessions.

What Happened: The company’s shares jumped over 8%, recovering from Friday’s lows even as it continues to be cash-strapped.

On Friday, the shares of the telecom operator ended 5.78% lower after reports said that Power Finance Corporation (PFC) and Rural Electrification Corporation (REC) have decided to curtail their borrowing calls and have demanded additional collateral from the telco. REC confirmed its inability to proceed with the financing during the company’s earnings conference call.

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Although the specific reason for Vodafone Idea’s surge is unknown, it is likely due to a broader market recovery during the Diwali week. The company lost 4.73% in just the past five trading sessions. Since the beginning of the year, it has witnessed a decline of over 51%.

The Telecom Regulatory Authority of India also released the telecom subscription data report for August 2024. The company’s broadband subscriber base came down to 125.92 million as of August 31, compared to 126.72 million as of July 31. In the wireline segment, the company boasted a market share of 2.32%, down from 2.35% the previous month whereas in the wireless segment, it had a market share of 18.39% in August versus 18.46% in July.

Price Action: Vodafone Idea closed 7.96% higher at ₹8.27 on Monday afternoon.

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