Vodafone Idea shares fell over 5 per cent on Friday, spooked by Birla’s comments. The stock slumped 5.34 per cent at Rs 6.92.
We will have to shut shop, chairman Voda Idea Kumar Mangalam Birla said on a query about the course of action for the company.
The government of post-independence India stymied the Birla conglomerate with kindness.
Kumar Mangalam Birla, head of Vodafone Idea, had sent an SOS to the government earlier also for deferring statutory payments.
Issues such as professional CEOs acting as promoters and founders wielding disproportionate clout need to change, said Birla.
Further, an order from the National Company Law Tribunal (NCLT) has been received recently approving the scheme, he added.
UltraTech had 19,557 permanent employees on its rolls as on March 31, 2019.
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