Amid widening losses, Vodafone Idea shares tank nearly 19%

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Shares of Vodafone Idea (VIL) on Friday tumbled nearly 19 per cent after the company reported widening of losses to Rs 6,438.8 crore in the third quarter of 2019-20. The scrip tanked 18.30 per cent to Rs 3.66 on the BSE. Vodafone-Idea on Thursday reported losses of Rs 6,438 crore in the third quarter of 2019-20. The same time, a year ago the loses were reported at Rs 5,000 crore.

On the NSE, it dropped 18.88 per cent to Rs 3.65 as the telco continued to sound out warnings on "material uncertainty" casting "significant doubt" on its ability to continue as going concern.

The company's ability to continue as a going concern is essentially dependent on a positive outcome of its modification application in the Supreme Court on the adjusted gross revenue (AGR) matter and any relief from the Telecom Department on payments, it said.

For the three months ended December 2019, the company's total income fell by 5 per cent to Rs 11,380.5 crore from Rs 11,982.8 crore a year ago.