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Vodafone Idea shares rebound as India looks to scrap retro tax

Indian telecom faces $21.5bn debt, but tax move likely to ease fundraising woes

Kumar Mangalam Birla, left, has resigned as chairman of Vodafone Idea.   © Reuters

MUMBAI --Shares of beleaguered Vodafone Idea, India's third-largest telecom, surged Friday as investors welcomed New Delhi's plan to scrap a retrospective tax law, a move that likely would benefit the British parent.

Vodafone Idea shares closed at 7.10 rupees, up 19%, on Friday on the Bombay Stock Exchange, extending gains from late Thursday. The stock has recovered from a 24% fall after the company's board said this week it accepted the resignation of Chairman Kumar Mangalam Birla.

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