India's Indus Towers dips on Vodafone Group's upsized block sale

Indus Towers

19/06/2024 05:31

(Adds upsized stock sale)
    ** Shares of telecom infra developer Indus Towers  INUS.NS 
slide as much as 9.6% to 344.70 rupees 
    ** Vodafone Group  VOD.L  upsizes share sale in Indus to up
to 165 bln rupees ($1.98 bln) from 91.4 bln rupees
    ** Block sale by Vodafone Group affiliates raised to 17.98%
stake, from 9.94% 
    ** Analysts on avg. rate INUS "hold", with median PT of 350
rupees, higher than current trading price - LSEG data
    ** INUS last down nearly 5%, cutting YTD gains to about 64%
    ** Nifty mid-cap 100 index  .NIFMDCP100  has gained ~19% YTD
 
 ($1 = 83.3725 Indian rupees)

 (Reporting by Yagnoseni Das in Bengaluru)
 ((Yagnoseni.das@thomsonreuters.com))