Vodafone Idea share price tag tumbled more than 24 per cent to Rs 4.55 apiece, a 52-week low, on BSE, right after the telecom organization announced that Kumar Mangalam Birla will step down as non-executive director and non-executive chairman. These adjustments have come into impact from the close of enterprise hours on 4 August 2021. The board has unanimously elected Himanshu Kapania, at present a Non-Executive Director, as the Non-Executive Chairman. With today’s fall, Vodafone Idea stock has tanked 37 per cent in two days. The telecom stock has been reeling beneath stress ever due to the fact Kumar Mangalam Birla provided to give up his stake in the organization to any public sector, government, or domestic economic entity which can hold the organization as a going concern.
Vodafone Idea stock had hit a record low of Rs 2.61 apiece in November 2019. In traded volume terms, 9.28 lakh shares have exchanged hands on BSE, whilst 108 crore units on NSE. Kapania, a nominee of the Aditya Birla Group, is a telecom market veteran with 25 years of practical experience. Currently, he is the Chairman of the FICCI Council on Telecom, Electronics and Digital Economy. Further, based on the recommendation of the nomination and remuneration committee, the board has appointed Sushil Agarwal, a nominee of Aditya Birla Group, as an Additional Director (Non-Executive and Non-Independent) with impact from 4 August 2021, the organization mentioned in a BSE filing.
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Also study: Voda-Idea collapse a warning to investors
On 23 July 2021, the Supreme Court dismissed the company’s petition for correction in the arithmetical errors in calculating VIL’s AGR dues. The Department of Telecommunications (DoT) has pegged VIL’s AGR dues at Rs 58,254 crore, whilst the organization has self-assessed it at Rs 21,533 crore. So far, the organization has paid Rs 7,854 crore. The Aditya Birla Group holds a 27.66 per cent stake in Vodafone Idea. The other companion in the firm is Vodafone Plc, which has about a 44 per cent stake in the organization.