Vodafone Idea shares down post Vodafone CEO warns on India future

Vodafone Idea’s shares dropped by 1.75% on the BSE to trade at Rs 3.93 a piece on Wednesday morning , a day after Vodafone Group CEO warned that without government relief , its venture in India was in a critical situation.

Vodafone Group CEO Nick Read on Tuesday described the status of its joint venture in India as “critical” in the wake of a Supreme Court order that left the telecom company facing thousands of crores in additional statutory dues. The unit’s “carrying value” had been reduced to zero, he said, while also citing “unsupportive regulation (and) excessive taxes.”