Vodafone Idea Shares Fall to Single Digit Amid Broader Market Weakness; Stock Still Up Over 50% in Six Months

Shares of Vodafone Idea Ltd slipped back into the single-digit zone on Wednesday, trading  at ₹9.97 on the National Stock Exchange of India (NSE: IDEA), down 3.11% for the day compared to the previous close of ₹10.29. The move below the ₹10 mark comes amid continued weakness in the broader equity market, which has been under pressure due to global uncertainty and cautious investor sentiment. Despite the recent fall, the stock remains a standout performer over the past six months. Vodafone Idea shares have surged ₹3.36, or 50.83%, during this period, reflecting improved investor optimism around the company’s fundraising plans, government support measures, and hopes of gradual operational recovery.

The ₹10 mark is considered a key psychological level for retail investors, and a drop below this threshold could impact short-term trading sentiment. That said, the stock’s broader six-month rally indicates that medium-term investors are still sitting on healthy gains, despite periodic corrections. In a sector-wide update, CLSA noted that India’s mobile telecom industry posted a 3 per cent quarter-on-quarter increase in revenue to nearly ₹3 lakh crore, driven by stable tariff realisations and higher data usage. The brokerage underlined the continued dominance of the top two private telecom operators. Reliance Jio expanded its market share by 47 basis points sequentially to 42.5 per cent, while Bharti Airtel saw a slight 3 basis points dip to 39.5 per cent.

Combined, Reliance Jio and Bharti Airtel now contribute close to 82 per cent of the industry’s total revenue, further widening the gap with Vodafone Idea. The company’s shares faced additional pressure after analysts raised concerns about its proposed ₹45,000-crore capital expenditure plan over the next three to four years.

According to HSBC Global Investment Research, this planned investment is considerably lower than the estimated ₹1.2–1.4 trillion capex that Reliance Jio and Bharti Airtel are expected to deploy over a comparable timeframe. HSBC cautioned that the funding shortfall may restrict Vodafone Idea’s network expansion, slow its 5G rollout, and hinder efforts to recover lost market share.