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Picture Supply : INDIA TV (FILE)

Vodafone Concept shares proceed to say no; additional tumble over 24%

Shares of Vodafone Concept Ltd continued to tumble for the fourth consecutive day on Thursday and additional plunged over 24 per cent to its 52-week low in morning commerce. The counter has been bearing a abandoned look of late and has tumbled almost 45 per cent in 4 buying and selling classes.

On Thursday, the inventory plunged 24.54 per cent to its 52-week low of Rs 4.55 on the BSE. On the NSE, it cracked 24.16 per cent to its 52-week low of Rs 4.55.

Kumar Mangalam Birla on Wednesday stepped down because the chairman of Vodafone Concept Ltd. Birla — who had in June provided to offer away his holding within the three way partnership with Britain’s Vodafone to the federal government — will stop to be a director and non-executive chairman of the corporate on the finish of enterprise hours on Wednesday, VIL had stated in a submitting to the inventory exchanges. It didn’t give any motive for Birla’s determination.

He will probably be changed by Himanshu Kapania (who was earlier the managing director and CEO of Birla’s Concept Mobile) as the brand new chairman of Vodafone Concept Ltd.

The Supreme Court docket, final month, had rejected petitions by telecom firms together with Vodafone Concept and Bharti Airtel, for rectification of alleged errors in calculation of adjusted gross income (AGR) associated dues payable by them.

In keeping with official information, VIL had an AGR legal responsibility of Rs 58,254 crore, out of which it has paid Rs 7,854.37 crore whereas Rs 50,399.63 crore is excellent.

Within the BSE submitting on Wednesday night, VIL stated: “The Board of Administrators of Vodafone Concept, at its assembly, have accepted the request of Kumar Mangalam Birla to step down as Non-Govt Director and Non-Govt Chairman of the Board with impact from shut of enterprise hours on 4 August 2021.”

Consequently, the board has “unanimously elected” Himanshu Kapania, at present a non-executive director and a nominee of the Aditya Birla Group, because the non-executive chairman.

 

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