Vodafone Idea stock plunges over 24% in early trade, here's why

Vodafone Idea share crashed over 24% today amid reports that Kumar Mangalam Birla has stepped down from the position of non-executive director and non-executive chairman of Vodafone Idea.

Parent Vodafone PLC ruling out fresh fund infusion into the debt-laden telco also contributed to losses. The company has Rs 1.8 lakh crore debt on its books.

Net loss in the January-March quarter swelled to Rs 6,985.1 crore and cash balance on the books was a measly Rs 350 crore.

Share of Vodafone Idea plunged 24.54% to Rs 4.55 today against previous close of Rs 6.03 on BSE. The stock opened 9.95% lower at Rs 5.43 today.

Total 1,524 Vodafone Idea shares changed hands amounting to turnover of Rs 76.81 crore.

Market cap of the telco fell to Rs 14,741 crore. The stock has lost 42.69% in the last 4 days. Of late, the stock has been falling after Birla, one of the promoters of the beleaguered telco, offered to give up his 27% stake in the company to the Indian government to help it stay afloat.

Vodafone Idea share is trading lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

In one year, Vodafone Idea share has fallen 37.67% in one year and lost 51.32% since the beginning of this year.