copperco2 24 Report post Posted October 15, 2007 LONDON: Vodafone on Sunday attributed an 8.5 per cent rise in its share price to positive projections made by its European rival Telefonica, while scoffing at reports that stocks soared because its CEO Arun Sarin was leaving. "I cannot comment on the existence of any rumours, but no one is taking the suggestion that Sarin has resigned seriously, because it is totally incorrect" a Vodafone spokesperson said. The UK media was rife with speculation that India-born Sarin, who engineered the world's largest telecom company's entry into India this spring, had quit. The Telegraph in one of its market analysis reports on October 12, said that "it was a good day for shareholders of telecom giant Vodafone but a bad one for chief executive Arun Sarin. "The stock rose 8.5 pence to 179.5 pence on the back of market rumours that Sarin, whose strategy has been criticised in some quarters, might have decided to resign". The Vodafone spokesperson, however, said: "Telefonica's shares rose 7 per cent on Thursday, Vodafone's shares were also up reflecting investors views on the sector... Nobody has suggested that this is in any way related to issues against Sarin." Market commentators have suggested that the share prices went up because Telefonica held an investor day on Thursday and gave a positive view on their prospects in the European marketplace, the spokesperson added. Shares of Vodafone on FTSE 100, the benchmark index of the London Stock Exchange, grew to 179.5 pence on October 11 from 171 pence the previous day. It remained flat on Friday. http://timesofindia.indiatimes.com/Busines...how/2457330.cms what more do we need to say? Share this post Link to post Share on other sites
