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Last Updated : Nov 01, 2019 02:53 PM IST | Source: Moneycontrol.com

Vodafone Idea gains 23% after co denies reports of exiting India biz

As regards to commitment to lenders, the company said it had received queries from some agencies and has responded/clarified them on a 'one-on-one basis'.

 
 
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Shares of Vodafone Idea added nearly 23 percent in intraday trade on November 1 after the management denied reports of exiting its India business.

Clarifying on reports of an exit of India operations by the Vodafone Group, the management said it is not aware 'about anything on this subject' as it pertains to the Vodafone Group and hence cannot comment on the same.

As regards to commitment to lenders, the company said it had received queries from some agencies and has responded/clarified them on a 'one-on-one basis'.

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"There has been reportage in some media alleging that Vodafone Idea has approached its lenders for a debt recast. We categorically deny and dismiss this as baseless and factually incorrect. We have not made any request for a debt recast to any lender or asked for reworking of payment terms. We continue to pay all our debts as and when these fall due," the company said in a press release.

CARE Ratings has downgraded ratings on its long-term bank facilities and non-convertible debentures to CARE A- from CARE A.

At 14:25 hours, Vodafone Idea was quoting at Rs 4.28, up Rs 0.39, or 10.03 percent, on the BSE.

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First Published on Nov 1, 2019 02:46 pm
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