 "Vodafone Idea shares slip over 14% on concerns raised by chairman Kumar Mangalam Birla over statutory dues")
New Delhi: Shares of Vodafone Idea on Monday continued to fall and crashed over 14 percent in early trade spooked by concerns over statutory dues raised by its chairman Kumar Mangalam Birla. The telco stock was trading 4.91 percent 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 percent over its previous close.
On the NSE, the stock lost 4.35 percent to Rs 6.60. It fell 14.49 percent 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 percent to Rs 447.55 on the BSE.
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