 "Avoid Vodafone Idea as charts show 'Death Cross' pattern; support at Rs 5")
Shares of Vodafone Idea on Wednesday tumbled 3 per cent following its parent company; Vodafone Group Plc indicated that the telecom major has no interest in rescuing its Indian joint venture. It also announced to have valued its investment in VIL (Vodafone Idea Ltd) to to nil.
The Vodafone Idea shares have plunged 10 per cent since the start of the current year, post tumbling close to 48 per cent last year.
Meanwhile, Vodafone Group Plc’s new CEO has unveiled a plan to revive growth at the telecom giant, pledging to slash jobs and simplify the company’s corporate structure.
The company will cut about 11,000 roles across the business over the next three years, work to turn around its German market and start a “strategic review” of its Spanish unit, the Newbury, England-based company said in a statement Tuesday. Last month, Bloomberg reported Vodafone had attracted takeover interest for its operations in Spain. READ ABOUT IT HERE
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