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Shares of Vodafone Idea on Wednesday tumbled 3 per cent following its parent company; Vodafone Group Plc indicated that the telecom major has no interest in rescuing its Indian joint venture. It also announced to have valued its investment in VIL (Vodafone Idea Ltd) to to nil.
The Vodafone Idea shares have plunged 10 per cent since the start of the current year, post tumbling close to 48 per cent last year.
Meanwhile, Vodafone Group Plc’s new CEO has unveiled a plan to revive growth at the telecom giant, pledging to slash jobs and simplify the company’s corporate structure.
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