Congress questions govt stakes in Vodafone

New Delhi: The Congress has questioned the government increasing its share in Vodafone Idea which has risen to about 35.8 per cent. The party alleged that the government is selling PSUs and buying stakes in private sector which is not a sensible move.

Leader of opposition Mallikarjun Kharge on Wednesday said, "Central govt now owns 36 per cent of Vodafone-Idea. Why are stakes being taken up in struggling private companies when PSUs like Air India are being sold and divested?"

He said, "Real estate assets of MTNL and BSNL are being sold but the Modi govt buys stakes in Vodafone! Does it make any sense?"

As per reports, the Centre will hold around 35.8 per cent of the total outstanding shares of the company, and that the promoter shareholders would be around 28.5 per cent (Vodafone Group) and around 17.8 per cent (Aditya Birla Group), respectively.

The telecom service provider's stocks have slumped around 28 per cent from its 52-week high level of Rs 16.79 it touched in December, 2021.

Reports say that the Vodafone Idea shares fell 19 per cent in early trade on Tuesday as it approved the conversion of adjusted gross revenue (AGR) and spectrum liabilities into equity.