Voda Idea slumps 19% as board approves conversion of govt dues into equity

Vodafone Idea said the equity shares will be issued to the Government at par value of Rs 10 per share, subject to final confirmation by the DoT.

Shares of Vodafone Idea slumped 19 per cent to Rs 12.05 on the BSE in Tuesday’s intraday trade after the company’s board approved conversion of adjusted gross revenue (AGR) and spectrum liabilities into equity.

With today’s fall, the stock of telecom services provider has corrected 28 per cent from its 52-week high level of Rs 16.79 touched on December 10, 2021. At 09:42 am; Vodafone Idea was down 17 per cent at Rs 12.30 on the BSE, as compared to 0.10 per cent decline in the S&P BSE Sensex. A combined around 470 million equity shares had changed hands