Sunday, November 27, 2022
Home Top Stories Vodafone Idea Share Price: Why Vodafone Idea shares plunged over 10% in...

Vodafone Idea Share Price: Why Vodafone Idea shares plunged over 10% in a single day | India Business News

NEW DELHI: Shares of cash-strapped telecom major Vodafone Idea on Tuesday nosedived over 10 per cent during the day after reports that the group’s chairman has offered to hand over his shares in the company.
During the day, the stock plunged about 13.09 per cent to hit its 52-week low at Rs 7.17 on the BSE. It then rebounded a bit to close 10.3 per cent lower at Rs 7.4 on both the indices.
Unable to work out a revival for the ailing telecom company, chairman Kumar Mangalam Birla has offered to give up his stake to the government or any other entity that it deems fit.
As per reports, in a written letter to cabinet secretary Rajiv Gauba on June 7, Birla had made the offer as a last-ditch effort by the group to salvage the company ahead of possible defaults on statutory payments and bank dues.
According to official data, VIL had an adjusted gross revenue (AGR) liability of Rs 58,254 crore out of which the company has paid Rs 7,854.37 crore and Rs 50,399.63 crore is outstanding.
Birla, who holds around 27 per cent stake in VIL, said in the letter that investors are not willing to invest in the company in the absence of clarity on AGR liability, an adequate moratorium on spectrum payments and most importantly floor pricing regime above the cost of service.
He also highlighted that without immediate support from the Centre the company’s financial situation will come to an “irretrievable point of collapse”.
(With inputs from agencies)

RELATED ARTICLES

Covid Labs Led To Positivity Error During Kumbh Mela In Uttarakhand, Says Enforcement Directorate

<!-- --> The labs were given a contract by Uttarakhand for Covid testing during Kumbh Mela Highlights ED today raided homes and offices of executives of 5...

Tokyo Games: “Hard To Be Happy”, Golfer Aditi Ashok On Fourth-Place Finish At Olympics

In any other tournament, Aditi Ashok would have gladly taken a fourth-place finish but this was the Olympics and the golfer...

Karisma Kapoor’s Reaction When Told “Let’s Add Alia Bhatt” To List Of Kapoor Family Actors

<!-- -->Karisma Kapoor in a still from Super Dancer 4 (courtesy ranlia_eternity)HighlightsKarisma had an ROFL reaction when asked about Alia Karisma was speaking on...

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

UPPCL Executive Assistant Recruitment 2022 – 1033 Executive Assistant – Last Date 12th September

UPPCL Executive Assistant Recruitment Jobs 2022 UPPCL has invited application for the post of 1033 Executive Assistant Vacancies in...

AAI 400 Jr Executive Recruitment Jobs 2022

AAI Junior Executive Recruitment 2022 Airports Authority of India has invited application for the post of Jr Executive (air...

REET Notification 2022 – Eligibility Exam for Teacher

REET Notification 2022 Rajasthan REET Notification 2022 has opend and invited application for Rajasthan Eligibility Exam for Teacher for...

NTPC ETT Recruitment 2022 – 40 Engineering Executive Trainee Jobs

NTPC Engineering Executive Trainee Recruitment Jobs 2022 NTPC has release an notification jobs for the post of 40 Engineering...

Recent Comments

%d bloggers like this: