Vodafone Idea (Vi) shares remained in focus on Tuesday, as investors overlooked data from the telecom regulator that showed the private sector telecom operator continued to lose subscribers in June. The Vodafone Idea stock jumped more than 3 percent in early deals.

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On BSE, Vi shares rose to as high as Rs 6.20 apiece from their previous close of Rs 6 before trimming gains. At 9:30 am, the stock traded 1.83 percent higher at Rs 6.11 apiece on the bourse, outperforming the headline Sensex index, which was up 0.26 percent.

The stock also beat the performance of the sectoral S&P BSE Telecom index, which was up 0.39 percent.

Vodafone Idea lost 42.9 lakh subscribers in June, after losing 42.8 lakh users in the previous month, according to data from the Telecom Regulatory Authority of India (TRAI) released on Monday. On that day, Vi shares had recovered initial losses to close mildly in the green.

Reliance Industries' telecom arm, Reliance Jio, added 54.67 lakh users in June, after adding 35.54 lakh in the previous month. Bharti Airtel added 38.13 lakh subscribers in June. In the previous month, it had lost 46.13 lakh users.

India's telecom industry is characterised with intense competition, with telecom operators such as Vodafone Idea -- once the country's largest telecom operator -- reeling under piles of debt.

Vodafone Idea shares have been falling for the past few months, as the telecom operator struggles to stay afloat. As of Monday's close, the Vi stock has fallen 44 percent so far this year. In August alone, it has lost 27 percent of its value.

Rival Bharti Airtel's stock has returned 22 percent so far in 2021, beating the performances of the sectoral S&P BSE Telecom index (19 percent) as well as the headline Sensex gauge (16 percent).

A major source of the burden on Vodafone Idea is the adjusted gross revenue (AGR) dues as calculated by the Department of Telecommunications (DoT). The total amount owed to the government, including interest, stands at Rs 62,180 crore.

Also read: How much money does Vi owe to government?

As of June 30, the company's total gross debt — including the AGR dues and deferred spectrum payment obligations — was estimated at Rs 1,91,590 crore.

Last week, Vodafone Idea (Vi) said it was in talks with bond holders to refinance Rs 6,000 crore of its debt that is due in six months. Vodafone Idea, which is jointly owned by Aditya Birla Group and the UK's Vodafone Group, has been attempting to raise Rs 25,000 crore for almost a year now, as the promoters of the company have been unwilling to put in more money into the venture.