Vodafone drops 29% on wider loss, revenue drop

Mumbai: Shares of Vodafone Idea Ltd on Monday slumped nearly 29% to hit record low after the company reported wider than expected net loss for the June quarter. This was the fourth consecutive quarter when the firm reported a loss.

The stock touched an all time low of ₹6.60 a share and fell as much as 28.65%. At 11.58 am, the scrip was traded at ₹6.75 on BSE, down 27.46% from its previous close. So far this year it is down 70%.

The company posted a loss of ₹4,873.90 crore from ₹4,881.90 crore a quarter ago. That was higher than expected a loss of ₹3,247 crore, according to a Bloomberg poll.