Shares of Vodafone Idea Ltd (VIL) will be in the spotlight in Monday's trading session following two huge developments. The telecom operator has received a letter from the Department of Telecommunications (DoT) regarding a waiver on bank guarantees.

Vodafone Idea said DoT has dispensed with the requirement of submission of financial bank guarantees for the spectrum acquired in spectrum auctions held in 2012, 2014, 2015, 2016 and 2021.

The shares of Vodafone Idea experienced a jump in Mondays intraday trading, surging by 7% to reach Rs 8 apiece on the BSE. The uptick followed the announcement that the Department of Telecommunications (DoT) had waived the requirement for financial bank guarantees (FBGs) for spectrum acquired in auctions held in 2012,

Vodafone Idea Limited (VIL) gets bank guarantee waiver for spectrum auctions from 2012 to 2021, freeing up investments.

Vodafone Idea stock has underperformed the market in the last six months as it has fallen 57 per cent, while slipping 52 per cent in the last one year. In comparison BSE Sensex has fallen 0.56 per cent in the last six months and 8.8 per cent in a year.

At around 12.51 PM, Vodafone Idea was trading 4.02% higher at ₹7.77, against the previous close of ₹7.47 on NSE. The counter rose to an intraday high of ₹7.99. For feedback and suggestions, write to us at [email protected]

Vodafone Idea rose 8 per cent to hit a high of Rs 8 on BSE. That said, it soon cut gains and was trading 2.81 per cent higher at Rs 7.68, as investors have already baked in the news in the price.