Is India's Vodafone Idea in talks to tie up with Musk's Starlink?

The clarification from Vodafone Idea came after its stock surged in the past two sessions on the Bombay Stock Exchange

By Reuters

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Reuters file photo

Published: Tue 2 Jan 2024, 1:06 PM

Vodafone Idea is not in talks to tie up with billionaire Elon Musk's satellite internet unit Starlink, the Indian telecom operator said on Tuesday, sending its shares down 5 per cent.

The clarification from Vodafone Idea came after its stock surged in the past two sessions on what business magazine BusinessWorld said were "markets betting" that Musk was looking to buy a stake in the company to help Starlink enter India.

On Monday, the Bombay Stock Exchange, where Vodafone Idea's stock is listed, had asked the company for a clarification, citing the BusinessWorld report.

"We would like to submit that the company is not in any such discussion with the named party. We are not aware of the basis of the said news item," Vodafone Idea said in a statement.

The BusinessWorld report was published on Friday after Vodafone Idea's stock surged 21 per cent. The stock jumped another 6 per cent on Monday, with trading volume on each day roughly 1.7 billion shares, the most in almost two years.

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