In a recent development, Vodafone Idea has clarified that it is not in discussions with Elon Musk’s satellite internet company, Starlink. The statement comes after a surge in Vodafone Idea’s shares following reports that Elon Musk was exploring a stake purchase to facilitate Starlink’s entry into the Indian market.
The clarification from Vodafone Idea follows a request for clarification from the Bombay Stock Exchange (BSE) after the stock saw a 21% surge. The company stated, “We would like to submit that the company is not in any such discussion with the named party. We are not aware of the basis of the said news item.”
The shares, which had risen by 6% on Monday, experienced a five percent dip following the company’s clarification.
Vodafone’s India unit, formed after the merger with Aditya Birla Group’s Idea Cellular in 2018, has previously partnered with Amazon.com’s Kuiper for internet networks in Europe and Africa. However, it clarified that there are no ongoing operations by Kuiper in India.
While Vodafone Idea faces tough competition domestically from Bharti Airtel and Reliance’s Jio, which lead the telecom sector, the recent surge in shares and subsequent fall highlights the market’s sensitivity to speculations and potential collaborations in the evolving telecom landscape.
