📷 Image Credits: Mint
Vodafone Group has significantly increased its stake in Indus Towers, leading to a notable impact on the stock market. The shares of Indus Towers experienced a sharp decline of 9.6% in early trade on Wednesday, reaching Rs 344.70. However, the shares showed a slight recovery and were trading 4.28% lower at Rs 329.80 by 10:19 am. This sudden drop in stock value was a direct result of Vodafone Group’s decision to raise its share sale in Indus Towers to nearly 18% from about 10%, amounting to Rs 16,500 crore. The block sale by Vodafone Group affiliates now amounts to a 17.98% stake in Indus Towers. As a consequence of this increase in share sale, analysts have given Indus Towers an average rating of “hold” with a median price target of Rs 350, which is slightly above the current trading price. This move has created ripples in the market, causing a sell-off in Indus Towers’ stock and significant fluctuations in its trading price. Financial experts are closely monitoring the situation and analyzing the impact of this stake increase on Indus Towers’ future performance.
