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Vodafone Idea Share Price Falls 11% After Goldman Sachs Report

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Synopsis:

Vodafone Idea share price dropped 11% after Goldman Sachs maintained its 'Sell' rating. Indus Towers saw a 2% dip, while Bharti Airtel's stock showed positive prospects.

Shares of Vodafone Idea plunged by over 11% during early trade on September 6 after Goldman Sachs maintained its 'Sell' rating on the telecom company's stock. The brokerage slightly raised its target price to Rs 2.5 from Rs 2.2 as of 10.00 am Sept 6, 2024, still suggesting an 83% downside for the Vodafone Idea share price.

Goldman Sachs expressed concerns over Vodafone Idea’s ability to achieve free cash flow break-even and regain its lost market share. The report highlighted that Vodafone Idea could lose another 300 basis points in market share over the next 3-4 years. Even in an optimistic scenario, the stock's best-case value per share was estimated at just Rs 19.

VODAFONE IDEA LIMITED

Trade

9.87-0.30 (-2.94 %)

Updated - 03 October 2024
10.16day high
DAY HIGH
9.81day low
DAY LOW
418426001
VOLUME (BSE)

Indus Towers’ shares were also affected, slipping by over 2% after Goldman Sachs downgraded the stock to 'Sell' from 'Neutral.' Although the target price was increased to Rs 350 from Rs 220, the brokerage emphasized that the recent re-rating of the stock was overdone, given the uncertainties surrounding Vodafone Idea, one of its key clients.

Conversely, Bharti Airtel received positive attention as Goldman Sachs raised its target price to Rs 1,700 from Rs 900, reflecting a 10% upside potential. The brokerage praised Bharti's growth prospects and improving balance sheet, with the company expected to achieve near-zero net debt by FY28. 

As of 11:30 AM, on September 6th, Vodafone Idea share price is currently trending at Rs. 13.46, down by 10.80%. Nifty50 is down by 1% and has breached below the 25,000 mark. 

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing.

This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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