Voda-Idea shares tank by 15%, trading at Rs. 5.13

The share crash comes in a day after Aditya Birla Group Chairman Kumar Mangalam Birla stepped down as non-executive director and non-executive chairman. The shares have tanked almost 38% in the last three days.

Vodafone Idea shares drop by 15% at Rs. 5.13 on August 5. The share crash comes in a day after Aditya Birla Group Chairman Kumar Mangalam Birla stepped down as non-executive director and non-executive chairman.

The shares have tanked almost 38% in the last three days. According to Moneycontrol, on Thursday, there were pending sell orders of 35,492,800 shares, with no buyers available.

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On August 4, Birla stepped as the non-executive chairman. Himanshu Kapania, a nominee of the Aditya Birla Group, was appointed as the non-executive chairman.

“The Board of Directors of Vodafone Idea Limited, at its meeting held today, have accepted the request of Mr. Kumar Mangalam Birla to step down as Non-Executive Director and Non-Executive Chairman of the Board with effect from close of business hours on 4th August 2021,” Vodafone Idea said in an exchange filing on Wednesday, August 4, 2021.

Following Birla’s letter to Cabinet Secretary, Vodafone Group CEO Nick Read said in a conference call that the company has no plans to infuse more equity share into loss-making Vodafone Idea. 

“It is a highly stressed situation that they are trying to navigate. We as a group try to provide them as much practical support as we can, but I want to make it very clear, we are not putting any additional equity into India,” he said.