Kumar Mangalam Birla hung up his boots as Non-Executive Director and Non-Executive Chairman of the board of Vodafone Idea with immediate effect.
The move comes just days after a letter was made public where KM Birla expressed his anguish at the current debt overhang on the company due to regulatory charges. Vodafone Idea currently has an outstanding debt of over Rs 1.5 lakh crores. Aditya Birla group Chairman Kumar Mangalam Birla, who holds around 27 per cent stake in Vodafone Idea, had expressed a desire to hand over his stake in the debt-laden Vodafone Idea to the government or any other entity chosen by the centre.
According to official data, Vodafone Idea 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.
With Tueday's fall, the stock of the telecom services provider has tanked 26 per cent in two days wiping out Rs 2700 cr in marketcap.