Vodafone Idea share cost tumbled more than 24% to Rs 4.55 each, a 52-week low, on BSE, after the telecom organization reported that Kumar Mangalam Birla will venture down as non-leader chief and non-chief director.
Vodafone Idea share cost tumbled more than 24% to Rs 4.55 each, a 52-week low, on BSE, after the telecom organization declared that Kumar Mangalam Birla will venture down as non chief and non-leader executive. These progressions have become effective from the end of business hours on 4 August 2021. The board has collectively chosen Himanshu Kapania, right now a Non-Executive Director, as the Non-Executive Chairman. With the present fall, Vodafone Idea stock has failed 37% in two days. The telecom stock has been reeling under tension since the time Kumar Mangalam Birla offered to surrender his stake in the organization to any open area, government, or homegrown monetary element which can stay with the as a going concern.
Vodafone Idea stock had hit a record low of Rs 2.61 each in November 2019. In exchanged volume terms, 9.28 lakh shares have traded hands on BSE, while 108 crore units on NSE. Kapania, a chosen one of the Aditya Birla Group, is a telecom industry veteran with 25 years of involvement. Presently, he is the Chairman of the FICCI Council on Telecom, Electronics and Digital Economy. Further, in light of the proposal of the designation and compensation panel, the board has delegated Sushil Agarwal, a candidate of Aditya Birla Group, as an Additional Director (Non-Executive and Non-Independent) with impact from 4 August 2021, the organization said in a BSE documenting.
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, while the company has self-assessed it at Rs 21,533 crore. So far, the company has paid Rs 7,854 crore. The Aditya Birla Group holds a 27.66 per cent stake in Vodafone Idea. The other partner in the firm is Vodafone Plc, which has around a 44 per cent stake in the company.
On 23 July 2021, the Supreme Court excused the organization’s request for adjustment in the arithmetical mistakes in computing VIL’s AGR levy. The Department of Telecommunications (DoT) has fixed VIL’s AGR contribution at Rs 58,254 crore, while the organization has self-evaluated it at Rs 21,533 crore. Up until now, the organization has paid Rs 7,854 crore. The Aditya Birla Group holds a 27.66 percent stake in Vodafone Idea. The other accomplice in the firm is Vodafone Plc, which has around a 44 percent stake in the organization.