Vodafone Idea shares plunge over 10% after KM Birla offers to hand over his stake to govt

Shares of Vodafone Idea on Tuesday fell over 10 per cent after reports that Aditya Birla group Chairman Kumar Mangalam Birla has offered to hand over his stake in debt-laden VIL to the government entities to keep the company operational.

The stock plunged 10.30 per cent to close at Rs 7.40 on the BSE. During the day, it tumbled 13.09 per cent to Rs 7.17 — its 52-week low.

At the NSE, it closed at Rs 7.40, lower by 10.30 per cent.

The billionaire businessman made the offer in June in a letter to Cabinet Secretary Rajiv Gauba.

According to official data, VIL had an adjusted gross revenue (AGR) liability of Rs 58,254 crore out of which the company has paid Rs 7,854.37 crore and Rs 50,399.63 crore is outstanding.