[New post] Vodafone Idea shares slump 24% as billionaire Birla exits
Rishabh Soni posted: " In 2018, Birla planned the merger of Aditya Birla Group's Idea Cellular and the British Vodafone Plc India business to form Vodafone Idea, which became the country's largest telecommunications operator at the time. The day after the troubled telecommunic"
In 2018, Birla planned the merger of Aditya Birla Group's Idea Cellular and the British Vodafone Plc India business to form Vodafone Idea, which became the country's largest telecommunications operator at the time. The day after the troubled telecommunications operator's board accepted Kumar Mangalam Birla's request to resign as non-executive chairman, India's Vodafone Idea's 4,444 shares fell more on Thursday. Up to 24%. In 2018,
Birla designed the merger of its Aditya Birla Group's Idea Cellular with the Indian business of Vodafone Plc in the United Kingdom to form Vodafone Idea, creating the country's largest telecommunications operator at the time. Vodafone Idea said in a statement on the stock exchange on Wednesday that, according to Forbes,
Birla, with a net worth of $14 billion, will be replaced by Aditya Birla Group nominee Himanshu Kapania as non-executive chairman.
The company declined to comment on the reasons for Birla's attempt to resign. Representatives of the Aditya Birla Group did not immediately respond to Reuters emails.
Vodafone has lost users in recent years due to the difficulty of competing with Reliance Jio, controlled by Bharti Airtel and Mukesh Ambani.
In order to exacerbate Vodafone's problems, the Indian government asked the country's telecom operators for approximately US $13 billion in radio wave usage fees and license fees. Vodafone holds most of the shares.
Last year, the Indian High Court gave telecommunications companies 10 years until 2031 to resolve the quota issue after missing the January deadline. Last month, the court rejected a petition from mobile phone operators to correct government quota calculation errors. According to data from the
As of May 31, Vodafone had 277.6 million wireless users, far more than one-third of its competitors, Reliance Jio and Bharti Airtel, which were 431.2 million and 348.3 million respectively. At 0439,
At GMT, Vodafone's share price fell 20.8% to 4.75 rupees, the lowest level since May 15, 2020. Airtel's stock price rose 3.4%.
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