Vodafone Idea’s board is not considering any proposal from Google, the company has clarified.
The clarification comes after there have been reports of the American tech giant eyeing a stake in the Indian telecom player.
In an exchange filing on May 29, the telecom company said, "As part of corporate strategy, the Company constantly evaluates various opportunities for enhancing the stakeholders' value. As and when such proposals are considered by the Board of Directors of the Company warranting disclosures, the Company shall comply with the disclosure obligations under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Listing Regulation"). "
On May 28, it was reported that Google was looking to enter India's telecom market via a 5 percent stake purchase in Vodafone Idea.Soon after Vodafone Idea's clarification regarding reports of stake sale, the company's stock price fell 20 percent from its day's high. In the morning trade, the share price surged 34 percent following reports of a possible investment by Google.