Vodafone Idea denies talks with Elon Musk’s Starlink, stock plunges 4%

Following the clarification, the stock, which had run up significantly on the rumour, plunged over 4 percent to Rs 16.24 on BSE on January 2. In the last six months, the stock is still up 118 percent.

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Telecom services provider Vodafone Idea on January 2 denied it was in talks with Elon Musk-promoted Starlink to manage its services in India.

“We would like to submit that the company is not in any such discussion with the named party,” said Vodafone Idea in an exchange filing.

Following the clarification, the stock, which had run up significantly on the rumour, plunged over 4 percent to Rs 16.24 on the BSE on January 2. In the last six months, the stock has rallied 118 percent.

Several news reports last week claimed that the government could sell its 33 percent stake in Vodafone Idea to tech-billionaire Elon Musk and his satellite internet venture Starlink.

Earlier, stock exchanges had sought a clarification from the company on the circulating news.