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Shares of Vodafone Concept fell as a lot as 13 per cent.
Shares of Vodafone Concept fell as a lot as 13 per cent to hit an intraday low of Rs 7.17 after its promoter and Aditya Birla group Chairman Kumar Mangalam Birla provided handy over his stake in debt-laden Vodafone Concept to the federal government or every other entity that the federal government could take into account worthy to maintain the corporate operational.
Vodafone Concept’s gross debt, excluding lease liabilities, stood at Rs 1.80 lakh crore as of March 31, 2021. The quantity included deferred spectrum cost obligations of Rs 96,270 crore and debt from banks and monetary establishments of Rs 23,080 crore other than the AGR legal responsibility.
The billionaire businessman made the supply in June in a letter to Cupboard Secretary Rajiv Gauba.
Vodafone Concept together with Bharti Airtel had approached the Supreme Courtroom for correction within the authorities calculations however their plea was rejected.
“It’s with a way of obligation in direction of the 27 crore Indians related by Vodafone Concept, I’m greater than keen handy over my stake within the firm to any entity- public sector/authorities /home monetary entity or every other that the federal government could take into account worthy of holding the corporate as a going concern,” Mr Birla stated within the letter.
What it means for retail traders in Vodafone Concept:
“Vodafone has big debt, their internet price is damaging Rs 38,000 crore the corporate has been constantly making losses and turning it round isn’t a straightforward jobs as each promoters don’t need to herald recent capital. On this scenario hope can’t be the one factor to stay invested in a inventory. There are various enterprise which have gone out and right here additionally it’s higher that if traders get one thing they need to exit,” AK Prabhakar, head of analysis at IDBI Capital informed NDTV.
