Vodafone Idea loss triggers Rs 21,500 crore m-cap loss in Birla firms

The unabated losses at Vodafone-Idea are eroding the value of other Aditya Birla Group firms, whose combined m-cap declined by a whopping Rs 21,431 crore on August 20, days after the quarterly results of the telecom arm were announced on July 29.

On August 19, the company posted lacklustre subscriber numbers having lost 41 lakh customers. Soon after, it was announced that the company CEO Balesh Sharma will be replaced by Ravinder Takkar.

Vodafone-Idea shares fell 6 per cent on the BSE in Tuesday’s session, a day after Sharma resigned with immediate effect, less than a year into his job. On Wednesday, its shares were down 2.57 per cent on the BSE.