Voda Idea slips 26% in 2 days as Vodafone Plc rules out fresh fund infusion

Shares of Vodafone Idea (Vi) were slipped 18.5 per cent at Rs 6.03, hitting a fresh 52-week low on the BSE in the intra-day trade on Wednesday, after report suggested that Vodafone Group Plc has ruled out any further equity infusion in its debt-ridden telecom joint venture in India.

With today’s fall, the stock of the telecom services provider has tanked 26 per cent in two days after reports suggested Kumar Mangalam Birla has told the government that he is willing to give up promoter stake in the company.

The stock was trading at the lowest level since June 2020. It had hit a record low of Rs 2.61 in November 2019.