Vodafone Idea shares fall to 52-week low on Kumar Mangalam Birla exit
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New Delhi, Aug. 5 -- Shares of Vodafone Idea Ltd fell over 24 per cent to a 52-week low on Thursday as billionaire Kumar Mangalam Birla stepped down as its executive chairman and non-executive director. The stock has been seeing a fall ever since Birla offered to give up his shares to the government or "any other entity that the government may consider worthy to keep the company operational". The company has not stated any reason for Birla's exit.
On Thursday, the stock plunged 24.54 per cent to its 52-week low of Rs.4.55 on the BSE. At the NSE, it cracked 24.16 per cent to its 52-week low of Rs.4.55.
Birla will be replaced by Himanshu Kapania (who was earlier the managing director and CEO of Birla's Idea Cellular) as the new chairman o...
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