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Business News/ Markets / Stock Markets/  Vodafone Idea share price gains 9% as Kumar Birla returns; KK Maheshwari quits

Vodafone Idea share price opened higher today at 6.15 on BSE after the telecom company announced Kumar Mangalam Birla is returning to the board of Vodafone Idea as an additional director. Birla had left the company less than two years ago. The company also said in an exchange filing that former top executive at Aditya Birla Group-owned Ultratech Cement, Krishna Kishore Maheshwari, has quit as a non-executive director.

Vodafone stock opened at 6.15 versus previous close of 6.06 and further continued to rise to hit a high of 6.65 and a low of 6.14. At 12.30 pm, the Vodafone Idea stock was trading at 6.43, up 0.37, or 6.11%. 

It hit a 52-week high of 10.23 on May 31, 2022 and a 52-week low of 5.70 on March 31, 2023. 

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“It is hereby informed that based on recommendation of Nomination and Remuneration Committee, the Board of Directors of the Company has, at its meeting held today, appointed Mr. Kumar Mangalam Birla, as an Additional Director (Non-Executive and Non-Independent) with effect from 20 April 2023," the exchange filing by Vodafone Idea said.

KM Birla is the Chairman of the Aditya Birla Group. He is a Chartered Accountant by and holds an MBA degree from the London Business School. He has been at the helm of the Aditya Birla Group for more than 27 years, and has been the architect of over 40 acquisitions in India and globally.

In a separate filing, Vodafone Idea informed the exchanges “Krishna Kishore Maheshwari has tendered his resignation as a Non-Executive Director from the Board of the Company with effect from close of business hours on 19 April 2023, citing personal reasons".


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Updated: 21 Apr 2023, 10:53 AM IST
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