The shares had hit a 52-week high intraday Monday, gaining nearly 40% in two trading sessions after the report emerged on the Starlink talks.
“In this regard, we would like to submit that the company is not in any such discussion with the named party,” the cash-strapped company said in a regulatory filing, adding: “We are not aware of the basis of the said news item.”
Vodafone Idea said it would keep stock exchanges informed about all price-sensitive information under the listing regulations.
On Tuesday, these shares rose to as high as ₹17.78 on the BSE before giving up the gains and closing at ₹16.03. The previous day, they closed at ₹16.99, after hitting a 52-week high at ₹18.52.
On last Friday, when the media report emerged, Vodafone Idea shares had surged 21%.
The company, for the past three years, has been struggling to raise funds which are needed to pay its large vendors like Indus Towers and the government, expand 4G coverage and invest in 5G rollout to compete effectively with bigger rivals Reliance Jio and Bharti Airtel.The loss-making company’s cash and cash equivalents declined to ₹119.6 crore at the end of September from ₹250 crore three months earlier.
Chief executive Akshaya Moondra had earlier said that discussions with potential investors would close in the December quarter, followed by debt funding from banks.
But ET reported that the equity fundraising had been delayed and might close in this January-March quarter.
While Vodafone Idea had earlier announced that it was looking to mobilise about ₹20,000 crore from a mix of debt and equity, the company has lately been refraining from giving an update on the plan.
The telecom operator has been losing customers almost every month since the merger of Vodafone India and Idea Cellular more than five years ago.
It has been unable to compete effectively on the mobile broadband turf with Reliance Jio and Bharti Airtel, shackled by the delayed fundraising.
Analysts have repeatedly warned that its customer attrition could get worse once Jio and Airtel launch 5G services nationally in a few months.
