Shares of Vodafone Idea on Tuesday fell over 10 per cent after studies that Aditya Birla group Chairman Kumar Mangalam Birla has supplied at hand over his stake in debt-laden VIL to the federal government entities to maintain the corporate operational.
The inventory plunged 10.30 per cent to shut at Rs 7.40 on the BSE. During the day, it tumbled 13.09 per cent to Rs 7.17 — its 52-week low.
At the NSE, it closed at Rs 7.40, decrease by 10.30 per cent.
The billionaire businessman made the supply in June in a letter to Cabinet Secretary Rajiv Gauba.
According to official information, VIL had an adjusted gross income (AGR) legal responsibility of Rs 58,254 crore out of which the corporate has paid Rs 7,854.37 crore and Rs 50,399.63 crore is excellent.
VIL together with Bharti Airtel had approached the Supreme Court for correction within the authorities calculations, however their plea was rejected.
In the letter, Birla, who holds round a 27 per cent stake in VIL, stated traders will not be prepared to put money into the corporate within the absence of readability on AGR legal responsibility, an sufficient moratorium on spectrum funds and most significantly ground pricing regime above the price of service.
Without fast lively assist from the federal government on the three points by July, the monetary scenario of VIL will come to an “irretrievable point of collapse,” Birla stated within the letter dated June 7.
“It is with a sense of duty towards the 27 crore Indians connected by VIL, I am more than willing to hand over my stake in the company to any entity- public sector/government /domestic financial entity or any other that the government may consider worthy of keeping the company as a going concern,” Birla stated within the letter.