The year 2023 was a roller coaster for VIL, marked by highs and lows that mirrored its own corporate challenges. With the dark cloud of fundraising plans casting a shadow on its growth prospects and a relentless decline in subscriber numbers over nine consecutive months, VIL seemed to be navigating through stormy waters. It lost a staggering 7.5 lakh mobile customers in September alone, bringing its user tally down to 22.75 crores.
However, in a surprising turn of events on the last trading session of the year, VIL was not only holding its ground but thriving. The stock witnessed a remarkable jump of 12 per cent, and the trading volume soared to a staggering 62 crore shares on the National Stock Exchange (NSE). Investors and market watchers were left intrigued by this sudden surge.
VIL's ownership structure revealed a complex web of stakeholders, with VGP owning 32.29 per cent, ABG holding 18.07 per cent, and the Government of India maintaining a 33.14 per cent stake as of June 30, 2023. The company, with its pan-India operations, stood as one of the largest telecom operators, offering a gamut of services across 22 service areas.
In November 2023, the stock gained favor among fund managers, who collectively bought a net quantity of 15,97,24,433 shares, amounting to an approximate value of Rs 198.86 crore. Baroda BNP Paribas Arbitrage Regular Growth Fund led the charge with a staggering 933.33 per cent month-on-month increase in their holding, while Tata Arbitrage Fund and Parag Parikh Arbitrage Fund saw their holdings surge by 123.42 per cent and 100 per cent, respectively.
