Voda Idea falls 9% after chairman says will shut in absence of govt relief

Shares of Vodafone Idea slumped 9 per cent to Rs 6.66 on the BSE on Friday after its chairman Kumar Mangalam Birla said the company will shut down if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order.

The Bombay Stock Exchange (BSE) however said, the exchange has sought clarification from Vodafone Idea about Birla’s comment. The company is yet to reply.

Market leader Bharti Airtel, Vodafone Idea and other telecom players have to pay as much as Rs 1.47 trillion in payment of telecom license fee and spectrum usage charge together with interest and penalty for past 14 years.