Vodafone Idea shares shed over 6 pc

Shares of Vodafone Idea on Monday declined over 6 percent after its chairman Kumar Mangalam Birla raised concerns over statutory dues. The stock ended 6.21 percent down to Rs 6.49 on the BSE. Intra-day, it had hit a low of Rs 6.07, plunging as much as 12.28 percent over its previous close.

On the NSE, the stock declined 5.8 percent to Rs 6.50. It fell 14.49 percent to a low of Rs 5.90 during the trading session. Vodafone Idea Ltd's billionaire chairman Kumar Mangalam Birla said on Friday said that the mobile service provider will shut down if the government does not provide relief on the liability it faces in past statutory dues following a Supreme Court order.

Sunil Bharti Mittal-led Bharti Airtel may consolidate its position at the expense of Vodafone Idea Ltd as it has a better balance sheet strength to deal with the eventuality of having to pay past statutory dues in case the Supreme Court rejects their review petitions, brokerages said. Meanwhile, shares of Bharti Airtel gained 0.22 percent to close at Rs 445.75 on the BSE.