Over 52 Lakh Retail Investors Now Hold Vodafone Idea, Mutual Funds Cut Stake In Q2

Vodafone Idea posted its latest shareholding data with the exchanges on Thursday evening.

What Happened: Mutual funds sold off Vodafone Idea shares during the July-September period. Mutual fund holding in the stock came down to 4.10%, compared to the 6.12% stake they held at the end of July 19.

Foreign institutional investors also cut their stake to 12.69% from 12.77%. GQG Partners Emerging Markets Equity Fund cut its shareholding in the telecom company to 1.04% from 2.17% reported at the end of July 19.

See Also: Tata Chemical Shares In Red As Q2 Numbers Fail To Cheer Investors, Analysts

The number of retail holders, on the other hand, went up over 50 lakh during the period under review. Around 52.35 lakh retail investors now hold the stock, compared to the 48.63 lakh reported earlier.

Earlier on Thursday, media reports said that the Department of Telecommunications (DoT) is mulling over the idea of waiving bank guarantees for deferred spectrum instalments, on the condition that telecom firms agree to pay an additional three months’ instalments annually. 

The development comes as the debt-ridden telco has been actively preparing for the launch of its 5G services in Delhi and Mumbai by March 2025. The company is also on the verge of finalising its IT outsourcing contracts, aiming to diversify its vendor base and reduce its dependence on IBM.

Price Action: Vodafone Idea’s share price was trading flat at ₹9.05 on Thursday afternoon.

Read Next: Tata Consumer In Red Ahead Of Q2 Results: Here’s What Analysts Predict