Vodafone Idea shares nosedived more than 17 per cent in a strong market to touch fresh 52-week lows a day after the promoter and Aditya Birla group Chairman Kumar Mangalam Birla offered to hand over his stake in the debt-laden telecom company to the government or any other entity that the centre may consider worthy to keep the company operational. The shares of Vodafone Idea had plunged over 10 per cent in Tuesday’s session on the back of the news development. At 12:20 pm, Vodafone Idea shares were trading at Rs 6, weaker by 13.38 per cent, on the BSE.
In a letter addressed to the Cabinet Secretary Rajiv Gauba, Kumar Mangalam Birla had offered to give up his stake to the government or any other entity that it deems fit. Mr Birla holds around 27 per cent stake in Vodafone Idea. Foreign investors, mostly non-Chinese, are hesitant to make investments in Vodafone Idea for “understandable reasons,” Mr Birla had said. Vodafone Idea owes more than Rs 50,000 crore as outstanding AGR dues to the government, according to the Department of Telecommunications.
The BSE Sensex was trading at 54,319, higher by 483.55 points or 0.90 per cent and the Nifty was at 16,247.85, up 116.740 pointys or 0.71 per cent at the time.