Shares of Vodafone Idea Ltd surged as much as 16.5%, its biggest jump in one month, after Telecom Regulatory Authority of India (TRAI) floated consultation paper to postpone scrapping interconnect usage charges (IUC).
So far, the stock touched a high of ₹5.66 a share and gained as much as 16.46%, its biggest gain since 16 August. At 9.45am, Vodofone Idea stock was trading at ₹5.36 on the BSE, up 10.29% from its previous close. So far this year the scrip has slumped nearly 77.2%.
Rivals Bharati Airtel Ltd rose 1.9%, while Reliance Industries Ltd gained 0.3%.
The regulator on Wednesday floated a fresh consultation paper to see if there is a need to revise the applicable date for scrapping IUC, given the continuing imbalance in inter-operator traffic. The paper also seeks to discuss with stakeholders what parameters should be looked at to decide on an alternate date, if any.
Analyst says that the Bharti Airtel and Vodafone Idea which have higher incoming than outgoing traffic will benefit if TRAI decides to postpone scrapping IUC.
The latest subscriber data, released by TRAI, showed Vodafone Idea leading with 38 crore subscribers, followed by Reliance Jio with 33.98 crore, and Airtel with 32.85 crore users.
However, Vodafone Idea's subscriber base fell 33.91 lakh in July from 38.34 crore users in June. Jio had added 85.3 lakh users in June.