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Shares of Vodafone Idea slumped ~10% in morning trade after the telco hiked tariffs by up to 40% for prepaid users effective Dec 3, 2019, in an attempt to trim mounting losses.
Tariffs for postpaid connections remain unchanged as of now.
Media reports said that CLSA has retained the "sell" call on Vodafone Idea citing market loss concerns, however, raised the target price to Rs6.50 from Rs5.50 per share.
Rivals Bharti Airtel and Reliance Jio also announced tariff hikes for its plans.
Bharti Airtel shares are trading 1.25% lower currently with the company raising pricing of prepaid plans by up to 42%.
Jio will announce its new plans on Dec 6, according to reports.
Bharti Airtel and Vodafone Idea also bear the burden of paying an aggregate of Rs92,000cr dues to the DoT after the AGR definition judgement by the Supreme Court.
While Vodafone and Airtel will be able to cut losses to an extent, Jio is expected to gain the most from the rate hikes.
Vodafone Idea Ltd is currently trading at Rs7.14 down by Rs0.65 or 8.34% from its previous closing of Rs7.79 on the BSE.
The scrip opened at Rs7.90 and has touched a high and low of Rs7.94 and Rs6.85 respectively. So far 30,50,25,349 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs22,384.87cr.
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