Categories: Business

Vodafone Idea shares continue to tumble, plunge 17%

Mumbai, Aug 4 (SocialNews.XYZ) 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.

Source: IANS

Facebook Comments

About Gopi

Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.

He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.

When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.

He can be reached at gopi@socialnews.xyz

Share

This website uses cookies.

%%footer%%