Vodafone Idea slumps 2% after British parent values its India investment at nil

Vodafone Plc said its carrying value of investment in the Indian listed firm is ‘zero’. Hence, the group is recording no further share of losses in respect of VIL

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Vodafone Idea Ltd (VIL) shares declined over 2 percent on May 17 after British multinational parent Vodafone Plc said its carrying value of investment in the Indian listed firm is ‘zero’. Hence, the group is recording no further share of losses in respect of VIL.

“There are significant uncertainties in relation to VIL’s ability to make payments in relation to any remaining liabilities covered by the mechanism and no further cash payments are considered probable from the group as of March 31, 2023,” it said.

At 9:30 am, the stock was quoting at Rs 7.20 on the NSE, lower by 2.04 percent from previous close. The stock has fallen over 41.6 percent from its 52-week high of Rs 10.20 hit in May 2022.

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The group’s potential exposure to liabilities within VIL is capped, and thus, contingent liabilities arising from litigation in India concerning the operations of Vodafone India are not reported, Vodafone Plc added.

The Government of India is now the largest shareholder in VIL with 33.1 percent stake, followed by UK’s Vodafone Plc at 31 percent, Grasim Industries at 6.8 percent and Hindalco Industries at 1.5 percent.

In February 2023, the Indian government became the single largest shareholder in the company after converting the interest on deferred spectrum payments and adjusted gross revenue-related dues to equity shares.

The stock saw an uptick in April after Kumar Mangalam Birla made a comeback to the company’s board as an additional director. All eyes are now on the board’s fund raising plans to help the debt-ridden telco ahead of 5G rollout in the country.

India’s telecom secretary, K Rajaraman, mentioned in an interview with Mint last month that the company is in talks with financial institutions to raise capital and the return of Aditya Birla group chairman Kumar Mangalam Birla to the company’s board is a positive sign.

“We keep getting monthly reports on their subscriber base and other parameters, but what we want them to do is to come back with resources – equity and debt – and we’re awaiting a final communication from them. And now that Mr Birla is back on the board, I’m hopeful they will revert to us soon with their plan,” he said.