Vodafone Idea’s stock dropped dramatically in early trading on Thursday. After falling 15%, the stock touched an intraday low of Rs 8.46 on the Bombay Stock Exchange. At 3:10 p.m., the telecom company’s shares were trading 8.24% lower at Rs 9.13. The stock market fell when Vodafone Idea declared a consolidated loss of Rs 7,022.8 crore for the quarter ending March 2021.
It may be noted that the company had reported a loss of Rs 11,643 crore in the same period a year ago. In Q3FY21, the company had posted a loss of Rs 4,532 crore.
However, the company’s performance seems to have a significant hit in the fourth quarter of 2020-21. The company’s revenue from operations declined 18.2 per cent to Rs 9,607 crore from Rs 11,754 crore in the corresponding quarter of 2019-20.
The stock fell sharply after opening 10% lower on the BSE at Rs 8.96, compared to its previous close of Rs 9.95. The firm’s market capitalization has dropped to just over Rs 26,000 crore.
“Our overall broadband site count stands at 452,650 as of March 31, 2021, compared to 436,006 a year ago,” the business said in a statement. During the year, we shut down over 30,000 3G sites while adding over 47,000 4G sites.”
The company’s gross debt was Rs 1,80,310 crore as of March 31, 2021, with deferred spectrum payment commitments of Rs 96,270 crore, AGR liability of Rs 60,960 crore, and debt from banks and financial institutions of Rs 23,080 crore.