KM Birla steps down as Vodafone Idea chairman; stock slides 38% in 3 days

The changes come at a time when Vi is struggling to stay afloat

Shares of Vodafone Idea (Vi) tanked 15 per cent at Rs 5.13, hitting a fresh 52-week low on the BSE in the intra-day trade on Thursday, after telecom major announced that Kumar Mangalam Birla will step down as non-executive director and non-executive chairman at a time when Vi is struggling to stay afloat.

The changes to the board will come into effect from close of business hours on August 4, 2021. Himanshu Kapania, a nominee of the Aditya Birla Group, has been appointed as the non-executive chairman. 

"The Board of Directors of Vodafone Idea Limited, at its meeting held