Vodafone India one of India’s largest telecom companies may shut down its business in India. This report is from the news agency IANS. According to this report, Vodafone is running at a loss. However, the company has not yet released any statement regarding this news.
Significantly, after the arrival of Reliance Jio, the Indian telecom company Idea and Vodafone have merged and now both companies work together. According to the report of IANS, Vodafone Vodafone has done its packing and can leave from here at any time. This is due to operational losses and a decline in market capitalization. This is the reason why the company is continuously going into losses.
It has also been said in this report that Vodafone has lost millions of customers in the recent past. The company has suffered in the latest financial quarter. Stock market values are also steadily decreasing. In June 2019, the company has incurred a loss of Rs 4,067 crore, which is almost twice more than 2018 at the same time.
A few days ago a report came that Vodafone Idea is preparing to take the support of a lender to collect the outstanding amount. However, later Vodafone rejected this report and said that it is not so and the company is paying the arrears as per schedule.
The Supreme Court has asked Vodafone-Idea to pay Rs 28,309 crore under the AGR Judgment. According to the report, if possible, the company can apply for a review of this court order. In an IANS report, Kotak Institutional Equities has said, ‘If the company does not get relief in the outstanding liabilities of Rs 28, 500 crores, then it will be difficult for Vodafone Idea.