September 23, 2021

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

Shares of Vodafone Thought 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 practically 45 per cent in 4 buying and selling periods.

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 Thought Ltd. Birla — who had in June supplied to provide 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 choice.

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

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

Based on official knowledge, 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 Thought, 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 Four August 2021.”

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


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