Shares of Vodafone Idea (Vi) tanked 15 percent at Rs 5.13, striking a fresh 52- week short on the BSE in the intra-day trade on Thursday, after telecom significant revealed that Kumar Mangalam Birla will step down as non-executive director and non-executive chairman at a time when Vi is having a hard time to survive.
The modifications to the board will enter into result from close of service hours on August 4,2021 Himanshu Kapania, a candidate of the Aditya Birla Group, has actually been designated as the non-executive chairman.
” The Board of Directors of Vodafone Idea Limited, at its conference held today, have actually accepted the demand of Mr. Kumar Mangalam Birla to step down as Non-Executive Director and Non Executive Chairman of the Board with result from close of company hours on 4th August, 2021,” Vodafone Idea stated in exchange filing on Wednesday, August 4, 2021.
The Board has actually all chosen Mr. Himanshu Kapania, presently a Non Executive Director, as the Non-Executive Chairman. Mr. Kapania, a candidate of the Aditya Birla Group, is a telecom market veteran with 25 years of experience, the business stated.
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With today’s fall, the stock of the telecom providers has actually tanked 34 percent in 3 days. The stock has actually remained in the sag since reports recommended Kumar Mangalam Birla has actually informed the federal government that he wants to quit promoter stake in the business and Vodafone Group Plc has actually eliminated any additional equity infusion in its debt-ridden telecom joint endeavor in India.
The stock was trading at the most affordable level because May2020 It had actually struck a record low of Rs 2.61 in November2019 Till 09: 24 am, a combined 102 million shares had actually altered hands and there were pending sell orders for 95 million shares on the NSE and BSE.
According to a Business Standard report, Vodafone Plc, which owns 45 per cent stake in Vi, is all set to use its stake for totally free to Indian banks/financial organizations or to the government-owned Bharat Sanchar Nigam (BSNL), offered they take over the cordless telephone business.
Lenders stated if BSNL takes control of the business, federal government charges to be paid by the merged BSNL-Vi entity will be a book entry.
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