New Delhi, April 1 -- Vodafone Idea share price rallied as much as 10 per cent on Tuesday to Rs.7.80 apiece on NSE as government is set to become Vodafone Idea's largest shareholder by converting its spectrum dues into equity. This Rs.36,950 crore equity conversion will raise the government's stake in Vodafone Idea to 48.99 per cent.

Brokerage firm Citi has also reaffirmed 'buy' rating on Vodafone Idea stock, sees 77% upside potential.

Citi has described this move as a significant development with substantial positive implications. The brokerage also noted that it demonstrates strong and timely support from the government.

According to Citi, this decision is expected to provide considerable relief to Vodafone Idea's cash flow over the ...