Vodafone Idea shares bounce back; end over 2% higher

New Delhi: Shares of Vodafone Idea bounced back from morning lows and settled for the day higher by 2 per cent on Wednesday.

During the morning trade, the stock declined almost 2 per cent after Ericsson India sold nearly 1 per cent stake in the debt-ridden telco for Rs 428 crore through an open market transaction.

The stock dropped 1.91 per cent to Rs 6.65 during the morning trade on the BSE. But, later it recovered all the lost ground and ended at Rs 6.91, up 1.92 per cent.

At the NSE, it dipped 1.77 per cent to Rs 6.65 in morning trade. Shares of the firm ended at Rs 6.92, up 2.21 per cent.

According to the bulk deal data available on BSE on Tuesday, Ericsson India offloaded more than 63.37 crore shares, amounting to a 0.9 per cent stake, in Mumbai-based Vodafone Idea.

The shares were offloaded at an average price of Rs 6.76 apiece, taking the transaction value to Rs 428.44 crore.

Details of the buyers of Vodafone Idea's shares could not be identified on the exchange.

Last week, Vodafone Idea reported narrowing of losses for the March quarter to Rs 7,166.1 crore and its board approved fundraising of up to Rs 20,000 crore.