Shares of Vodafone Idea Ltd dropped 3.54% to ₹7.90 on Friday, slipping ₹0.29 from the previous close of ₹8.19, after news surfaced that the telecom operator has begun the process of finding a new chief executive officer (CEO), according to a LiveMint report.
The company is reportedly scouting for leaders from the consumer and technology sectors, focusing on candidates with strong distribution experience. The current CEO, Akshaya Moondra, is set to complete his term in August 2025.
Vodafone Idea’s management reshuffle comes just days after it secured a second financial relief package from the Indian government. The government will convert ₹36,950 crore worth of spectrum auction dues into equity, boosting its stake in the telecom firm from 22.6% to 48.99%. Despite this dilution, the company’s promoters will continue to retain operational control.
In a parallel development, SEBI has granted an exemption to the government from making an open offer following the debt-to-equity conversion.
On Friday, the stock witnessed high activity, trading in the range of ₹7.86 to ₹8.18 with a volume of 16.20 million shares. Vodafone Idea’s market capitalization now stands at ₹56,401 crore.
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