In March, India’s second richest man bought Rs 10 crore worth of the stock at Rs 3.15 a share—it now trades at thrice that.
It should be an open-and-shut case. Vodafone Idea Ltd, India’s third-largest mobile telephony provider, was the market leader two years ago. It ended the last fiscal year, 2019-20, with a loss of Rs 73,131 crore, the biggest ever in Indian corporate history. Its long-term debt is just over Rs 100,000 crore and it has had to postpone payment to vendors in the last two months. It also owes the government in back dues to the tune of Rs 51,000 crore and the Supreme Court of India wants it to do so soon.
Amid all this, the company is slowly losing …
Surendar helps lead the newsroom at The Morning Context as executive editor. Over the years, Surendar has worked in industries from pharmaceuticals to diamonds, as well as a stint as an equity analyst. In his long career as a business journalist, he has led teams at The Times of India, India Today and Fortune India. He was part of the founding team at Forbes India and interned at and published in The Times, London.
Executive Editor
surendar@mailtmc.com
Mumbai