Citi drops 'High Risk' tag on India's Vodafone Idea, raises target price

Vodafone Idea

02/06/2026 08:26

** Citi Research changes rating on India's Vodafone Idea VODA.NS to "Buy" from "Buy/High Risk" and raises target price to 17 rupees from 14 rupees
** VODA last down 0.9% to 13.8 rupees
** Citi removes the risk rating after government's reassessment of telecom dues and a projected reduction in net debt
** Says a 47 billion rupee ($493.8 million) equity infusion by the Aditya Birla Group through warrant conversion should help VODA close its long-pending bank funding package
** CRISIL assigned an A-/Stable rating to VODA's proposed bank facilities - Citi
** Citi says these developments materially ease leverage and cash-flow concerns for VODA
** VODA up 28.5% YTD vs a 15% fall in larger rival Bharti Airtel BRTI.NS 
     


($1 = 95.1725 Indian rupees)

 (Reporting by Aleef Jahan in Bengaluru)
 ((aleefjahan.cs@thomsonreuters.com))