Vodafone Idea and other operators have been battered since Mukesh Ambani's Jio entered the market five years ago.MUMBAI - Shares in telecoms giant Vodafone's debt-ridden Indian unit fell sharply for a second day on Wednesday following reports that its billionaire chairman thought the firm was on the brink of collapse and wanted to sell his stake.
In a June 7 letter to a cabinet secretary that emerged in news reports this week, Vi's Kumar Mangalam Birla offered to"hand over" his 27.66 percent stake to the government, saying the firm was at an"irretrievable point of collapse". While it has pared Wednesday's drop, the sell-off has wiped about 54 billion rupees off its market capitalisation.
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