Vodafone Idea Tanks 15% After Kumar Mangalam Birla Steps Down As Chairman

Ringing
Kumar Mangalam Birlas request to step down as Non-Executive Director and Non-Executive Chairman of the Vodafone Idea board was accepted by the companys board of directors on Wednesday Vodafone Idea shares have tanked 15 per cent to hit the lower circuit of ₹ 5 on the BSE after Kumar Mangalam Birla stepped down from the board of the beleaguered company. Kumar Mangalam Birla's request to step down as Non-Executive Director and Non-Executive Chairman of the Vodafone Idea board was accepted by the company's board of directors on Wednesday and telecom veteran Himanshu Kapania was named as non-executive chairman in his place. The shares have plunged around 40 per cent in the past three sessions alone. The shares had plunged 27 per cent in the previous two sessions after Mr Birla offered to hand over his stake in the company to the government or "any other entity that the government may consider worthy to keep the company operational", in a letter that had surfaced on Monday. In the letter addressed to Cabinet Secretary Rajiv Gauba, Kumar Mangalam Birla had offered to give up his 27 percent stake.