SC Blow For Vodafone Idea: SEBI RA Manish Kushwaha Says Breakdown Below ₹6.70 Could Trigger Sharp Fall

Vodafone Idea shares fell sharply by over 8% on Monday, following a major legal blow from a Supreme Court ruling.

The apex court rejected the telecom company’s plea for government relief on pending adjusted gross revenue (AGR) dues amounting to over $5 billion. 

The verdict further narrows the debt-laden telco’s survival runway, just days after CEO Akshaya Moondra issued a grim warning that without financial support, the company may be unable to operate beyond FY26.

SEBI-registered analyst Manish Kushwaha, in his technical breakdown of Vodafone Idea's weekly chart, emphasized that the stock remains entrenched in a long-term downtrend, as evident from the descending trendline extending from previous highs around ₹17.50. 

Simultaneously, the stock is testing a critical ascending support level near ₹6.70, created by multiple previous bounce points—now under threat of being breached.

Kushwaha noted that this confluence zone—where long-term resistance meets short-term support—marks a make-or-break moment. 

According to the analyst, the stock's repeated failure to post a convincing rebound from the ₹6.70 support zone increases the probability of a breakdown, especially given the lack of volume surge.

Adding to the caution, the Relative Strength Index (RSI) on the weekly chart is hovering near 40, not yet in oversold territory, indicating that the stock still has room for further downside. 

Should the stock close below ₹6.70 on a weekly basis, Kushwaha warns of a sharp fall towards the next meaningful support near ₹5. Resistance, on the other hand, remains in the ₹9–₹10 range.

Vodafone Idea’s shares have fallen 15% year-to-date (YTD).

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