Stocks

Vodafone Idea shares tank nearly 19 per cent

PTI New Delhi | Updated on February 14, 2020 Published on February 14, 2020

Vodafone Idea recorded a loss of Rs. 50,921 crore in Q2, the highest-ever for a corporate in India

Shares of Vodafone Idea (VIL) on Friday tumbled nearly 19 per cent after the company reported a widening of losses to Rs 6,438.8 crore in the third quarter of 2019-20.

The scrip tanked 18.30 per cent to Rs 3.66 on the BSE. On the NSE, it dropped 18.88 per cent to Rs 3.65.

Vodafone Idea on Thursday reported widening of losses to Rs 6,438.8 crore in the third quarter of 2019-20 against Rs 5,004.6 crore a year ago, as the telco continued to sound warnings on “material uncertainty” casting “significant doubt” on its ability to continue as a going concern.

The company’s ability to continue as a going concern is essentially dependent on a positive outcome of its modification application in the Supreme Court on the adjusted gross revenue (AGR) matter and any relief from the Telecom Department on payments, it said.

For the three months ended December 2019, the company’s total income fell by 5 per cent to Rs 11,380.5 crore from Rs 11,982.8 crore a year ago.

Published on February 14, 2020
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