Bengaluru: The idea of the idea of Indian Vodafone fell as much as 24% on Thursday, a day after the problematic telecommunications operator board received a request of billionalist-industrialist Kumar Mangalam Birla to resign as a non-executive chairman.
Birla has engineered the merger of cellular ideas, which is part of the Aditya Birla group, and Indian operations from Vodafone PLC in the United Kingdom in 2018 to form the idea of Vodafone, creating what the country’s largest telecommunications operator at that time.
Birla, which has a net worth of $ 14 billion according to Forbes, will be replaced by Aditya Birla Group-Nominee Himanshu when the non-executive chairman, Vodafone said in the submission of the stock exchange on Wednesday.
The company refused to comment on why Birla tried to retreat, and representatives in the Aditya Birla group did not immediately respond to the email from Reuters.
Vodafone has Bled customers in recent years for struggling to compete with Bharti Airtel and Mukesh Reliance controlled by Ambani Jio.
Adding Vodafone’s misery, the Indian government requires around $ 13 billion from state telecommunications operators in owing contributions to use air waves and as a license fee.
Vodafone owes a majority.
The best Indian court last year gave a 10-year telecommunications company to 2031 to clear the contribution after losing the January deadline.
Last month, the court rejected the request by a cellular operator who was looking for correction from what they called errors in the calculation of government contributions.
On May 31, May 3, Vodafone had 277.6 million wireless customers, who were far into Rival Reliance Jio and Bharti Airtel, with 431.2 million and 348.3 million, respectively, data from Indian telecommunications regulators showed.
Vodafone shares fell 20.8% at Rs 4.75, and reached their lowest since May 15, 2020 in a low session.
Airtel shares rose by 3.4%.
Vodafone stock ideas on 24% slump when Kumar Mangalam Birla came out
