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Shares of telecom major Vodaone Idea slumped nearly 9 per cent on Tuesday, a day after its Chief Executive Officer Balesh Sharma resigned with immediate effect and the company appointed Ravinder Takkar as new CEO.
Sharma's resignation on Monday is seen as a major casualty of the ongoing stress in the telecom sector and in the company. The company's board said Sharma, appointed as the first CEO of the merged entity Vodafone Idea less than a year ago, resigned due to "personal reasons".
On the BSE, the scrip touched an intra-day low of Rs 5.46 around 12.25 p.m., down around 8.8 per cent from the previous close of Rs 5.99 per share.
However, it trimmed the losses and around 3.45 p.m. was trading at Rs 5.84, down 15 paise or 2.50 per cent from the previous close.
The company is not doing well on the financial front and is also continuously losing subscribers.
The country's largest telecom operator appointed Takkar as MD and CEO with immediate effect and said Sharma would take over a new role in the Vodafone Group.