Shares of Vodafone Idea Ltd. hit the upper circuit limit of 15% on Monday, the highest level in over four years.
Shares of the company surged 15% to hit Rs 18.40 apiece, its highest since March 29, 2019. The upper-circuit limit was revised to 15% after it hit 10%. It was trading 11.25% higher at Rs 17.80 apiece, compared to a 0.08% decline in the benchmark Nifty 50 as of 10.09 a.m.
It has risen 13.44% on a year-to-date basis. The total traded volume so far in the day stood at 6.1 times its 30-day average. The relative strength index was at 78, indicating that the stock may be overbought.
Out of 15 analysts tracking the company, two recommend a 'hold' and 13 suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential downside of 63.5%.
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