Telecom player Vodafone Idea shares surged over 5% on Wednesday, May 6 after the appointment Kumar Mangalam Birla as its Non-Executive Chairman.
Vodafone Idea shares advanced as much as 5.37% intraday to Rs 11.38 apiece. The scrip was trading 4.07% higher by 11:14 a.m. The benchmark NSE Nifty 50 was up 0.24%.
On Tuesday, Vodafone Idea informed the exchanges regarding the appointment Kumar Mangalam Birla as its Non-Executive Chairman. He is set to replace Ravinder Takkar, who has resigned as Non-Executive Chairman and will transition into the role of Non-Executive Vice-Chairman.
Vodafone Idea said that the board of directors has "Approved the appointment of Mr. Kumar Mangalam Birla, a Non-Executive Director, as the Non-Executive Chairman of the Board of Directors of Vodafone Idea Limited with effect from 5th May 2026."
The company recently informed that the Department of Telecommunications (DoT) has finalised Vodafone Idea's adjusted gross revenue (AGR) dues at Rs 64,046 crore as of December 31, bringing long-awaited clarity to a major liability overhang.
The recent rally also comes as Vodafone Idea is said to be in talks with lenders to raise up to Rs 35,000 crore through banks, sources told NDTV Profit on May 4. An SBI- led consortium is considering lending to the telecom major. The banks are considering extending working capital and term loans to the firm. Bankers may approve fresh lending after the government provided relief on Vodafone's AGR dues, as per sources.
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