Vodafone Idea shares fall more than 10 percent, at 52-week low
Vodafone Idea shares fell over 10 per cent on Tuesday after Aditya Birla Group chairman Kumar Mangalam Birla offered to hand over his stake in debt-ridden VIL to state-run entities to keep the company going.
The stock closed at Rs 7.40, down 10.30 per cent on the BSE. During the day, it fell 13.09 per cent to Rs 7.17 – its 52-week low. On the NSE, it closed at Rs 7.40, down 10.30 per cent.
The billionaire businessman had made this offer in June in a letter to Cabinet Secretary Rajiv Gauba.
According to official data, VIL had an adjusted gross revenue (AGR) liability of Rs 58,254 crore, of which the company has paid Rs 7,854.37 crore and outstanding Rs 50,399.63 crore.
VIL along with Bharti Airtel had approached the Supreme Court seeking reforms in government calculations, but their plea was rejected.
In the letter, Birla, who holds around 27 per cent stake in VIL, said investors are unwilling to invest in the company in the absence of clarity on AGR liability, substantial moratorium on spectrum payments and most importantly above-floor pricing regime. cost of service.
Without immediate active support from the government on the three issues by July, VIL’s financial position will fall to an “irreversible point of decline”, Birla said in the letter dated June 7.
“It is with a sense of duty towards the 27 crore Indians associated with VIL, that I am ready to hand over my stake in the company to any entity-Public Sector/Govt./Domestic Financial Entity or any other such entity as the Government may consider.” The company deserves to be kept as a going concern,” Birla said in the letter.
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