BENGALURU: Vodafone Idea is not in talks to tie-up with billionaire Elon Musk’s satellite internet unit Starlink, the Indian telecom operator said on Tuesday, sending its shares down 5%.

The clarification from Vodafone Idea came after its stock surged in the past two sessions on what business magazine BusinessWorld said were “markets betting” that Musk was looking to buy a stake in the company to help Starlink enter India.

On Monday, the Bombay Stock Exchange, where Vodafone Idea’s stock is listed, had asked the company for a clarification, citing the BusinessWorld report.

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“We would like to submit that the company is not in any such discussion with the named party. We are not aware of the basis of the said news item,” Vodafone Idea said in a statement.