Vodafone Idea Tumbles 9% On Birla Saying May Have To Shut Shop If No Relief Given

Vodafone Idea shares crashed about 9 percent on Friday, spooked by company’s chairman Kumar Mangalam Birla statement that the teleco “will have to shut shop” in the absence of government relief.

Its stock was trading 8.89 percent lower at Rs 6.66 apiece on the BSE.

On the NSE, the scrip fell 8.22 percent to Rs 6.70 a unit.

Speaking at an event on Friday, Birla said, “We will have to shut shop” if the government doesn’t provide relief that the company has sought.

He was responding to a query about the course of action for the company going ahead in the absence of government relief.

On Thursday, Vodafone Idea shares fell over 5 percent after Brickwork Ratings downgraded the telecom operator’s rating on non-convertible debentures (NCDs).―The Pioneer