Shares of Vodafone Idea rallied 14 per cent in the morning trade on Friday after the UKs Vodafone Group dismissed reports claiming it plans to exit India.The scrip traded 9.77 per cent up at Rs 4.27 at around 10.10 am, while the benchmark BSE Sensex was up 43 points, or 0.11 per cent, at 40,172 at around the same time.Vodafone is aware of the unfounded and baseless rumours circulating in some of the Indian media that we have decided to exit the market.
We would like to categorically state that this is not true and is malicious, Vodafone Group said in a media statement on Thursday.The British telecom firm said that it is actively engaging with the government and is fully supportive of its local management as they continue to manage our joint venture in these challenging times.Loss-making Vodafone Idea is among the worst hit by a recent Supreme Court judgement that backed a broadened definition of adjusted gross revenue (AGR), which has left the telco facing dues worth over Rs 39,000 crore in licence fees, spectrum usage charges, penalties and interest.