Comments
Shares of Vodafone Idea on Monday continued crashed over 14 per cent in early trade spooked by concerns over statutory dues raised by its chairman Kumar Mangalam Birla.
The telcom company’s stock was trading 4.91 per cent down to Rs 6.58 on the Bombay Stock Exchange (BSE). In early trade, the stock hit a low of Rs 6.07, declining as much as 12.28 per cent over its previous close.
On the National Stock Exchange (NSE), the stock lost 4.35 per cent to Rs 6.60. It fell 14.49 per cent to Rs 5.90 apiece during the session.
Vodafone Idea Ltd, the India’s third largest mobile service provider, will shutdown if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order, its billionaire chairman Kumar Mangalam Birla said on Friday.
Sunil Bharti Mittal-led Bharti Airtel may consolidate its position at the expense of Vodafone Idea Ltd as it has better balance sheet strength to deal with the eventuality of having to pay past statutory dues in case the Supreme Court rejects their review petitions, brokerages said.
Meanwhile, shares of Bharti Airtel gained 0.63 per cent to Rs 447.55 on the BSE.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.