Vodafone Idea up 33% this month: What’s behind the rally?

**Vodafone Idea Up 33% This Month: What’s Behind the Rally?**
*By Mudit Dube | Sep 23, 2025, 01:22 PM*

Vodafone Idea’s shares have witnessed a significant spike, rising as much as 7% in today’s trading session. This marks the third gain for the stock in four sessions, pushing the total rise to over 33% since September 4, when shares were trading at around ₹6.6. At the time of writing, Vodafone Idea shares were up 4% at ₹8.73 apiece.

### What’s Behind the Sudden Rally?

#### Legal Developments: Government Backs Vodafone Idea’s AGR Relief Plea

The surge in Vodafone Idea’s shares comes after the Supreme Court agreed to hear the company’s plea concerning some of its adjusted gross revenue (AGR) dues. Last Friday, during the hearing, the government stated it does not oppose Vodafone Idea’s AGR plea and expressed willingness to find a solution, especially as an equity holder in the company. The Supreme Court is scheduled to hear the matter on Friday, September 26.

#### Stake Details: Government Converts Dues into Equity

In a notable move, the government converted some of Vodafone Idea’s dues into equity, increasing its stake to 49% in the debt-laden telecom operator. This conversion has made the government the largest shareholder in Vodafone Idea. However, several officials from the telecom ministry, including Telecom Minister Jyotiraditya Scindia, have clarified that there are no intentions to increase their stake beyond 49%.

#### Broker Analysis: Citi Terms Vodafone Idea Shares a ‘High-Risk’ Buy

On Monday, Citi brokerage firm classified Vodafone Idea’s shares as a “high-risk” buy with a price target of ₹10. This recommendation follows the Supreme Court’s acceptance of Vodafone Idea’s latest AGR plea and the government’s supportive stance. According to Citi’s note, this development increases the chances of potential relief for the company.

With total AGR liabilities nearing ₹2 trillion, Vodafone Idea has warned that the mounting claims could threaten its survival, its 198 million subscribers, and over 18,000 jobs.

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*Stay tuned as the situation unfolds with the Supreme Court hearing scheduled later this week, which could further impact Vodafone Idea’s trajectory in the market.*
https://www.newsbytesapp.com/news/business/vodafone-idea-shares-jump-7-on-agr-plea-hearing/story