Shares of cash-strapped Vodafone Idea appreciated to the tune of 10% on Friday’s morning trades to reach an intraday high of ₹ 6.65 apiece after Kumar Managalam Birla returned to the company’s board after a hiatus of 20 months. 

Kumar Mangalam Birla, a Chartered Accountant and an MBA from the London Business School is the chairman of the Aditya Birla Group which operates in 36 countries across six continents. He has been at the helm of the group for more than 27 years and has built a highly successful meritocratic organisation, anchored by an extraordinary force of 180,000 employees. 

Birla resigned from his position as the company’s chairman in 2021 and has now returned as an additional director. At that time, the telecom company’s financials were in turmoil. Its share price continued to fall thereafter and reached a low of ₹ 5.70 apiece. His appointment is effective from April 20, 2023, subject to shareholder approval. 

Meanwhile, Krishna Kishore Maheshwari, a former top executive at Aditya Birla Group-owned Ultratech Cement called it a day. He tendered his resignation as a non-executive director from the company’s Board with effect from the close of business hours on April 19, 2023, due to personal reasons. 

At 11:27 AM, the company’s shares were trading at ₹ 6.45 apiece, 6.61% higher. Investors took the development positively and volumes jumped at the counter. A whopping 18.66 crore shares changed hands on the counter by 11:38 AM on Friday, as compared to merely 2.01 crore shares during the previous trading session. 

Vodafone Idea is a leading telecom service provider in India, formed after a merger between the Birla Group’s Idea Cellular and the British mobile carrier Vodafone Inc’s fully-owned Indian subsidiary. 

Written by Simran Bafna 

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