Shares of Vodafone Idea plunged over 24 per cent on Thursday after Kumar Mangalam Birla stepped down as non-executive director and non-executive chairman of the board with impact from Wednesday.
The inventory of the struggling telecom main tanked 24.16 per cent to Rs 4.55 apiece on the National Stock Exchange (NSE), whereas on BSE it sunk 24.54 per cent to Rs 4.55 per share. During this week to date, it has crashed 44.84 per cent since Monday’s shut.
In comparability, shares of its competitor Bharti Airtel rose 6.93 per cent on the BSE and 6.89 per cent on NSE to Rs 614.00 apiece within the morning commerce. Oil-to-telecom behemoth Reliance Industries (RIL) rose 0.91 per cent to Rs 2122.65 on BSE and 0.92 per cent to Rs 2,123.20 on NSE.
At 12:02 pm, Vi inventory was buying and selling at Rs 5.31 on the BSE, down Rs 0.72 (11.94 per cent), whereas on NSE it was at Rs 5.35, down Rs 0.65 (10.83 per cent). Over 30.10 crore shares have been traded on the BSE to date whereas over 142.17 crore shares exchanged arms on NSE, knowledge from the respective inventory exchanges confirmed.
“The Board of Directors of Vodafone Idea Limited, at its meeting held today, have accepted the request of Mr. Kumar Mangalam Birla to step down as Non-Executive Director and Non-Executive Chairman of the Board with effect from close of business hours on 4th August, 2021,” the corporate knowledgeable in a submitting to the inventory exchanges after the market hours on Wednesday.
It additional knowledgeable that the board unanimously elected Himanshu Kapania, at present a non-executive director on the board. Kapania is a nominee of the Aditya Birla group on the Vi (previously often known as Vodafone Idea) board.
Birla’s resignation comes simply days after it was reported that in June he had written to the federal government providing to “hand over” his 27 per cent stake within the firm to any public sector, authorities, or home monetary entity or to another agency that the federal government might imagine match, with a view to preserve the struggling telco going.
Vi owed practically Rs 60,000 crore to the DoT as AGR, Rs 96,270 crore in deferred spectrum obligations and one other Rs 23,000 crore to banks and monetary establishments.
