Vodafone Idea (Vi) shares have tanked 15 per cent at Rs 5.13, hitting a fresh 52-week low on the BSE in the intra-day trade on Thursday, after telecom major announced that Kumar Mangalam Birla would step down as non-executive director and non-executive chairman at a time when Vi is struggling to stay afloat.

The changes to the board will come into effect from the close of business hours on August 4, 2021. Himanshu Kapania, a nominee of the Aditya Birla Group, has been appointed as the non-executive chairman.

“The Board of Directors of Vodafone Idea Limited, at its meeting held today, have accepted the request of Kumar Mangalam Birla to step down as Non-Executive Director and Non-Executive Chairman of the Board with effect from close of business hours on 4th August 2021,” Vodafone Idea said in an exchange filing on Wednesday, August 4, 2021.

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Consequently, the Board has unanimously elected Himanshu Kapania, currently a Non-Executive Director, as the Non-Executive Chairman.