Vodafone Idea shares crash over 24% as Kumar Mangalam Birla steps down

Shares of Vodafone Idea plunged over 24 per cent on Thursday after Kumar Mangalam Birla stepped down as non-executive director and non-executive chairman of the board with effect from Wednesday.

The stock of the struggling telecom major tanked 24.16 per cent to Rs 4.55 apiece on the National Stock Exchange (NSE), while on BSE it sunk 24.54 per cent to Rs 4.55 per share. During this week so far, it has crashed 44.84 per cent since Monday’s close.

In comparison, shares of its competitor Bharti Airtel rose 6.93 per cent on the BSE and 6.89 per cent on NSE to Rs 614.00 apiece in the morning trade. Oil-to-telecom behemoth Reliance Industries (RIL) rose 0.91 per cent to Rs 2122.65 on BSE and 0.92 per cent to Rs 2,123.20 on NSE.