Shares of Vodafone s India arm in free-fall
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04/08/2021 - 10:38 Vodafone Idea and other operators have been battered since Mukesh Ambani s Jio entered the market five years ago Indranil MUKHERJEE AFP 1 min
Mumbai (AFP)
Shares in telecoms giant Vodafone s debt-ridden Indian unit fell sharply for a second day Wednesday following reports that its billionaire chairman thought the firm was on the brink of collapse and wanted to sell his stake.
Vodafone Idea and other operators have been squeezed hard since Jio, owned by Asia s richest man Mukesh Ambani, entered the market in 2016 with dirt-cheap internet and free calls.
In a June 7 letter to a cabinet secretary that emerged in news reports this week, Vi s Kumar Mangalam Birla offered to hand over his 27.66 percent stake to the government, saying the firm was at an irretrievable point of collapse .