<ul><li>Vodafone Idea share price declined over 4% as Macquarie downgrades the stock to 'underperform' due to concerns over cash flow generation.</li><li>Macquarie deems the government's decision to convert its dues for FY26 into equity as a 'bandage work'.</li><li>Vodafone Idea's debt will reduce to $22.5 billion after equity conversion, but the level of debt remains high with net debt 10 times FY26 Ebitda.</li><li>Macquarie sees further equity dilution risk for minority stakeholders in the medium term, resulting in a low target price.</li></ul>

Vodafone Idea Shares Fall As Macquarie Downgrades To 'Underperform'

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