Vodafone Idea shares bounce back; jump over 19%

Vodafone Idea shares bounce back; jump over 19%

The stock had fallen for four consecutive trading sessions till Thursday, plunging over 28 per cent on the BSE.

Halting its decline of four consecutive trading days, the stock jumped 19.53 per cent to close at Rs 7.10 on the BSE. Credit: Reuters File Photo

Shares of Vodafone Idea on Friday bounced back sharply after a four-day decline, jumping over 19 per cent, after the company Chief Executive Officer Ravinder Takkar reached out to employees seeking to reassure them.

Halting its decline of four consecutive trading days, the stock jumped 19.53 per cent to close at Rs 7.10 on the BSE. During the day, it zoomed 23.73 per cent to Rs 7.35.

On the NSE, it rallied 19.32 per cent to close at Rs 7.10.

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The stock had fallen for four consecutive trading sessions till Thursday, plunging over 28 per cent on the BSE.

Amid an existential crisis faced by the company, Vodafone Idea CEO Ravinder Takkar has reached out to employees seeking to reassure them, and has urged the staff to continue focusing on providing quality services to customers and sustain intensity in the market.   The move has come after billionaire Kumar Mangalam Birla on Wednesday stepped down as chairman of Vodafone Idea Ltd, within two months of offering to hand over Aditya Birla Group's stake in the debt-laden telco to the government, in a bid to keep the telecom company afloat.

Takkar, in his communication, has urged employees to continue to remain focused on providing quality services to customers, sustain intensity in the market to win, and deliver on goals. He also communicated the top-level changes, to the employees, sources said.

The Supreme Court, last month, had rejected petitions by telecom companies, including Vodafone Idea and Bharti Airtel, for rectification of alleged errors in the calculation of adjusted gross revenue (AGR)-related dues, payable by them.

According to official data, VIL had an AGR liability of Rs 58,254 crore out of which the company has paid Rs 7,854.37 crore, and Rs 50,399.63 crore is outstanding.