Vodafone Idea Share Price Today (Dec 20, 2025): Vi Stock Jumps on ₹3,300 Crore NCD Fundraise as AGR Relief Talk Builds

Vodafone Idea Ltd (Vi) has become one of India’s most-watched telecom stocks this week, and not just because the share price is moving fast. The rally is being powered by a rare combination of fresh money (a ₹3,300 crore debt raise via its infrastructure arm) and fresh hope (growing signals that the government may be willing to soften Vodafone Idea’s mountain of adjusted gross revenue, or AGR, liabilities).

As of Friday’s market close (Dec 19), Vodafone Idea (NSE: IDEA; BSE: 532822) ended at ₹11.96, up 5.84% on the day, after touching ₹12.00 intraday—right near its recent 52-week high of ₹12.02. The 52-week low sits at ₹6.12, underlining just how violently sentiment has swung in 2025. ^[1]

Below is what’s actually driving the stock right now, what analysts are forecasting, and what investors should watch next as the AGR story heads toward a potentially market-moving decision point.

Vodafone Idea stock: what happened to the share price this week

Vodafone Idea’s latest upswing is tightly linked to headline flow. In the last few sessions, the stock has repeatedly reacted to two catalysts:

confirmation of a ₹3,300 crore fundraising via secured NCDs, and
renewed reporting around possible AGR relief, including an interest-free moratorium and potential waiver of interest/penalties.

LiveMint reported the stock rose about 6% to ₹12 on Dec 19 after the fundraising update, with the broader rally also supported by expectations of further tariff hikes and legal developments around government flexibility on dues. ^[2]

Trading activity has been unusually heavy: Investing.com’s historical data shows Dec 19 volume at about 1.24 billion shares, which is enormous even by “low-priced-stock” standards. ^[3]

The immediate trigger: ₹3,300 crore NCD fundraise via VITIL

The most concrete, least speculative driver is the ₹3,300 crore fundraise through Vodafone Idea’s subsidiary Vodafone Idea Telecom Infrastructure Limited (VITIL) via unlisted, unrated, secured non-convertible debentures (NCDs).

Economic Times reported the issuance saw strong investor demand exceeding the issue size, drawing participation from NBFCs, FPIs, and AIFs. It added that proceeds would be used by VITIL to repay obligations to Vodafone Idea, supporting Vi’s ability to pursue capex and growth plans. ^[4]

Fortune India also noted that JM Financial Products acted as the exclusive debt arranger, and quoted CEO Abhijit Kishore saying the raise “reinforces investor confidence” while discussions with banks for long-term debt are ongoing. ^[5]

Why this matters for the stock: Vi’s market narrative has been stuck on one recurring question—can it fund network investment fast enough to stop losing ground to bigger rivals? Every credible funding milestone, even if it’s expensive money, nudges sentiment.

The bigger swing factor: AGR relief — moratorium, waivers, and reassessment

If the NCD funding is the “spark,” the AGR story is the “oxygen.” Investors are trying to price an outcome that could dramatically change Vodafone Idea’s cash-flow trajectory.

What the latest reporting says

The Economic Times reported the government is likely considering an interest-free moratorium of four to five years on over ₹83,000 crore of AGR-linked statutory dues, and that after reassessment the payable amount could be reduced to nearly half. ^[6]

Mobile World Live summarized the same theme: a 4–5 year interest moratorium on AGR levies, with a committee expected to take inputs from the DoT and Vodafone Idea and the reduction potentially as high as ~50%. ^[7]

CLSA’s view (via Business Standard) adds another layer: the Centre may consider a partial waiver of interest, penalties, and interest on penalties—the “non-principal” components that can dominate long-running dues. Business Standard also reported CLSA believes a moratorium alone is not enough, and that deeper relief would be critical for Vi’s planned debt raise of US$2–2.7 billion. ^[8]

The Supreme Court backdrop

Reuters reported on Nov 3 that India’s top court said the government can consider Vodafone Idea’s relief request for all of its AGR dues, and that relief could include penalty and interest, according to a lawyer in the case. ^[9]

This is important because it reframes the policy space: it’s not just a financial negotiation—it’s increasingly being treated as a structured “system stability” problem, where policymakers weigh the consequences of a weaker third operator.

But there’s a catch: the government is moving cautiously

NDTV Profit reported the government is not expected to take an immediate decision on a relief package and is proceeding carefully, partly because the Centre now holds about 49% equity in Vodafone Idea after conversions of statutory dues into equity. The report also said officials are mindful of the stock’s sharp volatility and its sensitivity to policy cues. ^[10]

In other words: yes, relief is being discussed seriously—but the timeline and the final shape are still uncertain, and uncertainty is basically a volatility machine for a stock like this.

Fundamentals snapshot: what Vodafone Idea says it’s improving

The market loves storylines, but the balance sheet still wants receipts. Vodafone Idea’s most recent official performance commentary (Nov 10, 2025 media release for the quarter) points to tangible operating progress:

Revenue for the quarter:₹111.9 billion, YoY growth 2.4%
ARPU (ex-M2M):₹180 vs ₹166 in the year-ago quarter
4G/5G subscriber base:127.8 million
4G population coverage:84.4%
4G data capacity: up ~38%; 4G speeds: up ~17% (vs Mar ’24)
Bank debt: reduced to ₹15.3 billion as of Sep 30, 2025
5G rollout: launched in March and expanded over six months to all 17 priority circles; 5G available in 29 cities ^[11]

Reuters also reported around the same results that Vodafone Idea’s loss after tax narrowed to ₹55.24 billion for the quarter ended Sep 30, while revenue rose about 2.4% to ₹111.95 billion, and ARPU climbed to ₹180—though still below larger rivals’ ARPU levels. ^[12]

What this means for the stock narrative:

Vi is showing operational improvements (coverage, ARPU, rollout momentum).
But the company’s strategic degrees of freedom still hinge on the dues/funding equation.

Fresh compliance overhang: tax demand and GST penalty

While the market is focused on AGR and fundraising, a couple of smaller-but-real risk items also surfaced:

A Reuters update syndicated via TradingView said Vodafone Idea received a tax demand for 447.9 million rupees. ^[13]
ET Telecom reported Vodafone Idea was penalised ₹40.09 lakh under the CGST Act, and the company said it does not agree with the order and will take action for rectification/reversal; the allegation relates to ITC claims from suppliers whose registration had been cancelled. ^[14]

These aren’t necessarily thesis-breaking on their own, but they do reinforce the broader reality: regulatory and statutory issues remain a persistent part of the Vi investing landscape.

Vodafone Idea forecasts: what analysts are projecting now

Here’s the awkward truth that often gets lost in rally headlines: the stock is trading above many consensus target estimates.

Investing.com’s consensus summary (based on 21 analysts) shows an average 12‑month target around ₹8.88, with a high estimate of ₹15 and a low of ₹2.40; it also describes the overall consensus rating as Neutral with a mix of buy/hold/sell views. ^[15]
Trendlyne’s consensus snapshot similarly shows a target of ₹8.88 versus the prevailing price around ₹11.96—roughly -25.75% implied downside from that consensus level. ^[16]

How to interpret that gap (without doing fortune-telling):

The market is currently assigning a higher probability to a “good” policy/funding outcome than the average analyst target implies.
If the AGR package lands meaningfully better than feared (or funding costs fall), targets may move up.
If relief is delayed, diluted, or conditional in ways that don’t help near-term cash flow, the market’s optimism can unwind fast.

Technical and trading calls: breakout chatter near ₹12

On the tactical side, some market commentary is now framing ₹12 as a key battleground.

LiveMint cited a technical view that Vodafone Idea was on the cusp of a breakout around ₹12.10, with potential levels around ₹14 and ₹16 if the breakout holds, and a suggested stop-loss near ₹10.80. ^[17]

This kind of analysis can explain why the stock behaves sharply near round numbers, but it’s not a substitute for the fundamental catalysts—especially when the biggest price drivers are policy and financing decisions.

What to watch next: 5 catalysts that could move Vodafone Idea stock

1) Final shape and timing of AGR relief

Reports point to a possible moratorium and reassessment process, potentially needing Cabinet-level clearance. Any confirmation—or delay—can shift the stock quickly. ^[18]

2) Next funding steps and cost of capital

Reuters reported VITIL had been planning a bond raise (scaled down to ~₹32 billion) with yields around 12% and 14%, with a one-year call option and Vodafone Idea guarantee, aiming for completion by end-December 2025. ^[19]
That’s expensive capital—so investors will watch whether bank funding becomes cheaper in 2026, as suggested in Reuters’ reporting. ^[20]

3) Tariff hike dynamics across the industry

Business Today reported MOFSL’s base case assumes a 15% headline tariff hike from December 2025, but it also outlined reasons hikes could be delayed, including how industry structure and AGR relief could change incentives. ^[21]

4) Execution on network and subscriber metrics

Vi’s own disclosures emphasize expanding 4G coverage, scaling 5G in priority circles, and lifting ARPU through higher-value plan upgrades. Whether that translates into sustained subscriber stabilization is crucial. ^[22]

5) Regulatory and statutory noise

Items like the GST penalty and tax demand are reminders that “non-operating” surprises can still hit sentiment. ^[23]

Bottom line

Vodafone Idea stock is rallying because the market sees a credible path—not guaranteed, but plausible—toward a less suffocating dues burden and better-funded network investment. The ₹3,300 crore NCD raise gives the story tangible financial momentum, while the AGR relief discussion is the macro lever that could redefine the company’s survival math.

But the same ingredients that fuel upside—policy dependence, funding uncertainty, and high volatility—also make the stock unusually sensitive to headlines. If you’re tracking Vi now, the next meaningful move is less about day-to-day price action and more about whether the AGR package becomes a clear, actionable, and timely outcome rather than an endlessly “under consideration” headline.