Vodafone Idea shares rally 80% in less than 3 months. Time to buy or avoid?

Vodafone Idea shares rallied around 80-89% from a multi-month low of Rs 8.13 in April to a 52-week high of Rs 15.34, driven by the DoT reducing AGR dues by 27% to Rs 64,046 crore, Kumar Mangalam Birla's appointment as non-executive chairman, and a Rs 1,182 crore fundraise from promoter Aditya Birla Group via warrants. Analysts remain divided, with technical analyst Hitesh Rathi of Angel One seeing potential for a move to Rs 18-20 but noting the broader trend stays neutral to bearish. Harshal Dasani of INVasset PMS cautioned that the rally reflects improved survival visibility rather than fundamental re-rating, citing continued subscriber losses to Jio and Airtel, weak ARPU, elevated debt, and lagging 5G capex.