Vodafone Idea falls 5 pc for Birla's statement that the company may have to 'close the store' if no relief is given
New Delhi, December 6 () Vodafone Idea shares fell more than 5 percent on Friday, frightened by the statement of its president Kumar Mangalam Birla that the telecommunications operator will have to close the store if the government does not provide any relief .
The stock fell 5.34 percent to close at Rs 6.92. During the day, it reached a minimum of Rs 6.66 each in the BSE, trading 8.89 percent lower than the previous close.
On the National Stock Exchange (NSE), the scrip fell 5.48 percent to Rs 6.90 per unit. During the day, the scrip lost up to 8.9 percent to Rs 6.65.
More than 51 million rupees of Vodafone Idea were traded in the NSE and more than five million rupees in the BSE.
Vodafone Idea Ltd, the third largest mobile service provider in India, will close if the government does not provide relief on the responsibility it faces in past legal fees after an order from the Supreme Court, Birla said Friday.
If we are not getting anything, then I think it is the end of the Vodafone Idea story, Birla said at the HT Leadership Summit when asked about the future of Vodafone Idea in the absence of government relief on the payment of 53,038 million of rupees .
Meanwhile, the BSE has sought clarification from the telecommunications operator on this statement.
Vodafone Idea's actions have been on a bumpy journey during five trading sessions.
The stock has lost more than 11 percent in BSE, as well as in the NSE since Monday. The shares of the telecommunications company rose more than 14 percent on Monday. RUJ HRS