Vodafone Idea’s (Vi) shares rose 0.68% in early trade on Friday, a day after the telecom operator reported its fourth quarter financials with widening losses.
The company’s stock opened 0.68% higher, touched a high of Ra13.29 before paring gains to be trading down 0.2% at Rs 13.12 per share on the BSE.
Vi’s net loss for the fiscal fourth quarter widened to Rs 7,675 crore from Rs 6,986 crore in the preceding quarter as the stressed telco continued to be dragged by high debt and continuing customer losses to bigger rivals Reliance Jio and Bharti Airtel.
Its revenue remained almost flat sequentially at Rs 10,610 crore for the quarter ended March.
Operationally, however, the joint venture between the UK’s Vodafone Group Plc and India’s Aditya Birla Group saw improvement, reporting its highest quarterly earnings before interest, tax, depreciation and amortisation (Ebitda) post the 2018 merger of Rs 2,180 crore.
Having raised over Rs 20,000 crore recently through equity, the cash-strapped telco said it is in discussions with a consortium of banks to raise up to Rs 25,000 crore and additional non-fund-based facilities of up to Rs 10,000 crore, it announced on Thursday.
