Vodafone Idea shares opened at ₹14.25 apiece today, as compared to the previous close of ₹14.26 on Wednesday, snapping its two-day losing streak. The telecom stock surged as much as 1.05% to an intraday high of ₹14.443 amid positive market sentiment. This recovery follows Tuesday's drop of 3.34% to ₹14.47 following TRAI Chairman AK Lahoti's confirmation that the regulator will examine representations received from Bharti Airtel and Reliance Jio regarding allegations against Vi. As per PTI, Lahoti stated that 'When we get representation from any operator, we look into it...they (telcos) have expressed some concerns against each other. We will examine whatever has come'.
In an exchange filing on 16 September, Vodafone Idea submitted details of the order issued by the Telecom Regulatory Authority of India (TRAI). The company stated that 'Failure to meet the benchmark of the Quality of Service parameters in different service areas for November 2025 under Standards of Quality of Service of Access (Wireline and Wireless) and Broadband (Wireline and Wireless) Service Regulations, 2024'. The company further added that the maximum financial impact is to the extent of the disincentive levied. This week, the company informed exchanges that the TRAI has directed it to pay a financial disincentive of ₹2 lakh after failing to meet prescribed quality-of-service benchmarks across various service areas for October 2025. The company is currently reviewing the order and evaluating next steps in this matter.
Bharti Airtel and Reliance Jio have accused Vodafone Idea of engaging in malpractices to attract their customers through mobile number portability (MNP) processes. According to reports from Business Standard, the country's leading carriers have made these allegations in multiple conversations and official communications to the Telecom Regulatory Authority of India (Trai) over recent weeks. However, Vodafone Idea has denied these charges, stating it was not violating any regulatory requirements. The malpractices are specifically related to customer acquisitions using MNP, where customers can switch networks without changing their phone numbers. Recently, one of the operators approached TRAI over alleged circulation and promotion by Vodafone Idea of tariff benefits specifically linked to customers porting their mobile connections to the VIL network.
As reported by Business Standard, the alleged malpractices involve callers pretending to be executives from non-Vodafone telcos warning customers about imminent tariff hikes and plan changes. These calls are followed by calls from actual Vodafone executives who persuade customers to switch to Vi. The two companies claim this violates Trai's 2021 directions for carriers not to take steps for acquiring customers that may induce churn in a rival carrier's network. Additionally, Vi is alleged to be restricting SMSes that must be sent to 1900 for generating unique porting codes (UPC) in several circles. The rival operators have also raised concerns about the promotion of discounted postpaid plans to customers seeking to move to Vodafone Idea through MNP.
According to Business Standard, the telcos have alleged that Vi was restricting SMSes to 1900 for generating unique porting codes (UPC) for switching to another provider in several circles. Vi customers wanting to switch are being asked to contact Vi customer care or visit physical stores, with restrictions being removed after customers wait for several hours. This allegedly violates MNP 2009 norms, which specify issuance of UPC without delay by the network from where the customer is moving out. The companies also claim Vi was circulating and promoting discounted postpaid tariff plans for those wanting to switch using MNP, which they say violates Trai's tariff order and inhibits customer choice. Airtel and Jio have specifically flagged practices where sales associates posing as rival executives spread false information about tariff hikes to customers.
Mahesh M Ojha, VP Research & Business Development at Kantilal Chhaganlal Securities, believes that Vodafone Idea remains a high-beta trading opportunity, with the stock showing potential for further upside. According to Ojha, 'At the current level of ₹12.40, traders can maintain a stop-loss at ₹12.40, while the stock could target the ₹15.40– ₹16 range on the upside. Given the stock's volatility, traders should closely monitor momentum and maintain disciplined risk management'. Meanwhile, brokerage firm Motilal Oswal has reiterated 'neutral' rating on the telecom stock with a revised target price of ₹11. The firm stated that 'We reiterate our Neutral rating on Vi with a revised TP of INR11, based on DCF backed ~14.3x Sep'28E EV/EBITDA (implies ~25x Sep'28 pre-IND AS EBITDA)'. Motilal Oswal noted that Vi's significant valuation premium (~26.6x Sep'28 pre-IND AS EV/EBITDA), compared to its larger and more profitable peer (~10.5x for Bharti India), caps the upside from potential benefits of an acceleration in network roll-out'. Additionally, the company announced the appointment of Gopika Pant as an additional director following the recommendation of its Nomination and Remuneration Committee.
