Vodafone Idea stock tanks 10% on survival worries

Shares of Vodafone Idea (Vi) opened at Rs 8.96 , down by 9.95% in early trading hours on BSE on Thursday. The plummet was on back of the back of the telco posting a loss of Rs 6985.1 crore for the January-March quarter, substantially wider than the loss in Q3.

The telco said it was hurt by an exceptional loss, even as the absence of interconnection usage charge (IUC) dragged revenue for the mobile phone operator which again warned of risks to its viability.

“There exists material uncertainty relating to the company’s ability to continue as a going concern which is dependent on its ability to raise additional funds as required, successful negotiations with lenders on continued support, refinancing of debts, monetisation of certain assets….,” India’s only loss-making private operator said.