Vodafone Idea shares continue to tumble, plunge 17%
Vodafone Idea shares continued to fall on Wednesday as Aditya Birla Group Chairman Kumar Mangalam Birla offered to hand over his stake in the debt-ridden company to government entities in a bid to keep the company operational.
Cash-strapped telco Vodafone Idea to raise Rs 4,500 crore by issuing shares to promoters
Mumbai, Aug 4 Vodafone Idea shares continued to fall on Wednesday as Aditya Birla Group Chairman Kumar Mangalam Birla offered to hand over his stake in the debt-ridden company to government entities in a bid to keep the company operational.
Around 12.05 p.m., shares of Vodafone Idea on the BSE were trading at Rs 6.12, lower by 17.30 per cent from its previous close.
Earlier in the day, they touched a 52-week low of Rs 6.03 per share.
Vodafone Idea which already is in weak financial shape owes Rs 50,399.63 crore as AGR dues. It has already paid Rs 7,854.37 crore.
In his letter to the Cabinet Secretary, Birla warned of a "looming crisis" and offered to transfer his 27.66 per cent stake in the telco to "any public sector/government/domestic financial entity, or any other the government may consider worthy, - to keep (VIL) going".
The market capitalisation of the company of the company has declined to Rs 17,614.79 crore.
