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Vodafone Idea shares slump after non-exec chairman Birla steps down
- Friday | 6th August, 2021
In June, Kumar Mangalam Birla, the former non-executive chairman of Vodafone Idea, whose resignation was accepted by the company’s board on Wednesday, offered to sell his Aditya Birla Group’s 27% stake in the telecoms carrier to keep it afloat. Vodafone Idea was carved in 2018 by combining the Indian operations of Vodafone Group and Idea Cellular, which is majority-owned by Aditya Birla Group. India’s telecoms department did not immediately respond to a request for comment. Vodafone Idea declined on Birla’s departure, and representatives at Aditya Birla Group did not respond to an email from Reuters. So the ball is now in their court,” said a senior banker at a private bank which has lent money to Vodafone Idea.
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