Shares of India's Vodafone Idea (VODA.NS) tumbled as much as 24% on Thursday, a day after the troubled telecom operator's board accepted billionaire-industrialist Kumar Mangalam Birla's request to step down as non-executive chairman.
India's Aditya Birla Group Chairman Kumar Birla speaks during Forbes Global CEO Conference in Kuala Lumpur September 14, 2011. REUTERS/Bazuki Muhammad tumbled as much as 24% on Thursday, a day after the troubled telecom operator's board accepted billionaire-industrialist Kumar Mangalam Birla's request to step down as non-executive chairman.
in 2018 to form Vodafone Idea, creating what was the country's largest telecom operator at that time. Compounding Vodafone's woes, the Indian government sought roughly $13 billion from the country's telecom operators in dues owed for the use of airwaves and as licence fees. Vodafone owed the majority share.
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