Vodafone Idea is among the top losers on the BSE, currently ranking at number one. The stock, which had closed yesterday at Rs.8.25, went down 11% to hit a new low at Rs.7.30. Market cap is at Rs.22,000 crore while 9.3 crore shares changed hands today.
The stock price crashed today after Kumara Mangalam Birla said that he is willing to offer bis group’s 27% stake in the company to any Govt or any domestic financial entity to keep the company afloat. This was conveyed via a letter to the Union Cabinet Secretary, Rajiv Gauba on 7th June.
The company’s debt stands today at Rs.1.6 trillion, up from Rs.37,000 crore in FY16 and this is thanks to the deferred spectrum obligations and the Adjusted Gross Revenue (AGR) liabilities.
Apart from Birla, Vodafone Plc holds 44% stake and both have decided to stop putting any more money into the company; infact Vodafone Plc has already written off all its investment in the company as losses only kept mounting.