The world’s best-performing wireless carrier, by one measure, lost more than $1 billion in its latest quarter with a million users quitting almost every month. Every analyst tells investors to avoid the stock, yet they’re piling in.

Vodafone Idea Ltd. has jumped more than 82% this year, outpacing peers with at least $5 billion in market value with at least five analysts tracking the stock, according to data compiled by Bloomberg. The government is the company’s largest shareholder.