Vodafone Idea Surges 10% on AGR Relief Hopes, But Emkay Predicts Steep Decline

• Vodafone Idea stock surged nearly 10% today, driven by potential AGR relief and expected ₹5,836 crore recovery from Vodafone Group.
• Union Cabinet approved an AGR-related relief package, including a 5-year moratorium on dues and rescheduling of ₹87,695 crore AGR payments between FY32-FY41.
• Vodafone Group promoters will release ₹2,307 crore in 12 months and set aside 328 crore shares for Vi's benefit.
• Emkay Research maintained a 'Sell' rating with a target price of ₹6, predicting over 44% decline from previous close.
• Emkay cites high leverage, expensive valuation, and ambiguity on spectrum debt as reasons for continued financial pressure despite relief.

Why It Matters: Vodafone Idea stock rallied on relief news, but Emkay Research warns of significant decline due to underlying financial issues.