Vodafone Concept falls 5% on Kumar Mangalam Birla’s assertion that agency should ‘shut store’ in absence of reduction

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New Delhi: Vodafone Concept’s shares fell over 5 p.c on Friday, spooked by its Chairman Kumar Mangalam Birla’s assertion that the telecom operator “will have to shut shop” if the federal government doesn’t present any reduction.

The inventory slumped 5.34 p.c to shut at Rs 6.92. Intra-day, it hit a low of Rs 6.66 apiece on the BSE, buying and selling 8.89 p.c decrease over the earlier shut.

 Vodafone Idea falls 5% on Kumar Mangalam Birla’s statement that firm will have to shut shop in absence of relief

Representational picture. AFP

On the Nationwide Inventory Alternate (NSE), the scrip fell 5.48 p.c to Rs 6.90 a unit. In the course of the day, the scrip misplaced as a lot as 8.9 p.c to Rs 6.65.

Over 51 crore shares of Vodafone Concept have been traded on the NSE and greater than 5 crore on the BSE.

Vodafone Concept Ltd, India’s third-largest cellular service supplier, will shut down if the federal government doesn’t present reduction on the legal responsibility it faces in previous statutory dues following a Supreme Courtroom order, Birla mentioned on Friday.

“If we are not getting anything then I think it is the end of story for Vodafone Idea,” Birla mentioned on the ‘Hindustan Occasions Management Summit’ when requested about the way forward for Vodafone Concept in absence of a authorities reduction on fee of Rs 53,038 crore dues.

In the meantime, the BSE has sought a clarification from the telecom operator on this assertion.

Shares of Vodafone Concept have been on a bumpy trip for 5 buying and selling periods.

The inventory has misplaced over 11 p.c on the BSE in addition to the NSE since Monday.

The telco’s inventory on Monday surged over 14 p.c.

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