Vodafone Idea Drops Over 10%. Here Is What Should Investors Do

Vodafone Idea's gross debt, excluding lease liabilities, stood at Rs 1.80 lakh crore as of March 31, 2021.

Shares of Vodafone Idea fell as much as 13 per cent to hit an intraday low of Rs 7.17 after its promoter and Aditya Birla group Chairman Kumar Mangalam Birla offered to hand over his stake in debt-laden Vodafone Idea to the government or any other entity that the government may consider worthy to keep the company operational. Vodafone Idea's gross debt, excluding lease liabilities, stood at Rs 1.80 lakh crore as of March 31, 2021. The amount included deferred spectrum payment obligations of Rs 96,270 crore and debt from banks and financial institutions of Rs 23,080 crore apart from the AGR liability. The billionaire businessman made the offer in June in a letter to Cabinet Secretary Rajiv Gauba.