New Delhi: Shares of Vodafone Idea on Monday continued to fall and crashed over 14 pc in early trade spooked by concerns over statutory dues raised by its chairman Kumar Mangalam Birla.
The telco stock was trading 4.91 per cent down to Rs 6.58 on the BSE. In early trade, the stock hit a low of Rs 6.07, declining as much as 12.28 per cent over its previous close. On the NSE, the stock lost 4.35 per cent to Rs 6.60. It fell 14.49 per cent to Rs 5.90 apiece during the session.
Vodafone Idea Ltd, the India’s third largest mobile service provider, will shutdown if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order, its billionaire chairman Kumar Mangalam Birla said on Friday.
Sunil Bharti Mittal-led Bharti Airtel may consolidate its position at the expense of Vodafone Idea Ltd as it has better balance sheet strength to deal with the eventuality of having to pay past statutory dues in case the Supreme Court rejects their review petitions, brokerages said. Meanwhile, shares of Bharti Airtel gained 0.63 per cent to Rs 447.55 on the BSE.