Vodafone Idea Shares dip nearly 2% as Ericsson India offloads 1% stake for Rs 428 crore

New Delhi: Shares of Vodafone Idea declined almost 2 per cent on Wednesday 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 on the BSE.

At the NSE, it dipped 1.77 per cent to Rs 6.65.

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.