Vodafone Idea Share Price: Vodafone Idea’s shares fell sharply today, the day after Kumar Mangalam Birla resigned as non-executive director and non-executive chairman of Vodafone Idea. Its shares fell by 10.83 percent to Rs 5.30 on the BSE and by 11.61 percent to Rs 5.33 on the NSE. In the last five days, the prices of this company, which is facing financial crisis, have broken up to 36 percent. Today in the early trade, its prices had fallen to a record low of Rs 4.55 in 52 weeks. Kumar Mangalam Birla resigned from his post yesterday and Himanshu Kapania has been given the post of non-executive chairman of the company in his place. Earlier, Kapania was a non-executive director of the company.
Vodafone Idea Chairman Kumar Mangalam Birla resigns, Himanshu Kapania will replace him
Appealed to the government to save the debt-ridden company
A few days ago, Kumar Mangalam Birla had written a letter to Union Cabinet Secretary Rajiv Gauba saying that he is ready to give his stake to any government or domestic financial company to save the existence of Vodafone India. Kumar Mangalam Birla holds 27% stake in Vodafone India. Apart from this, the British company Vodafone Plc has a 44% stake in it.
Telecom companies’ application on AGR dues dismissed in Supreme Court, Vodafone-Idea shares fall by more than 8%
Vodafone Idea is deeply in debt. On this, the government owes AGR (Adjusted Gross Revenue) of more than 50 thousand crores. Last month, the Supreme Court had also turned down its demand for re-calculation of the outstanding AGR dues. Vodafone Idea had said that the government owes AGR of Rs 21,500 crore on it. Out of this, the company has paid Rs 7,800 crore. But the government (Ministry of Telecom) said that Vodafone Idea owes AGR of more than 50 thousand crore rupees. Vodafone Idea, in its petition, had alleged a mistake in computing the outstanding AGR. According to the petition filed, in the calculation of AGR dues done by the Department of Telecom, many bills have been added twice.
Shares fell to record lows in November two years ago
Vodafone and Idea merged in 2018. Earlier both were separate telecom companies. Its shares fell to a record low of Rs 2.61 two years ago in November 2019. Before the merger, the shares of Idea had reached a record high of Rs 118.96 on the NSE on April 17, 2015. However, after that it was slippery and its prices fell to Rs 43.19 in January 2017. However, it once again gained momentum and reached Rs 72.24 in the next month in February 2017. In January 2018, it started slipping at a price of Rs 69.94 and then in July 2019 its prices fell below Rs 10 per share.