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These 8 Banks Will Face The Most Brunt Due To Cash Strapped Vodafone Idea

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For the March ended quarter of FY 21, the telecom operator Vodafone Idea logged losses to the tune of Rs. 7022.8 crore. Income for the company registered a decline of 19% to Rs. 9647.8 crore in comparison to the same quarter of the year ago period. On a year on year basis also the company's losses reduced to Rs. 44,233 crore from Rs. 73,878.1 crore in 2019-20.

 

These 8 Banks Will Face The Most Brunt Due To Cash Strapped Vodafone Idea

In an earnings call, the company's CEO said the company is in discussion for raising funds and the process is ongoing. Also, it is to be noted that the funding timing has already been delayed, said Takkar- Vodafone Idea CEO.

"I don't think there is any reason to start creating Plan B because funding is not happening. We are confident that funding will take place in the coming weeks", he added.

Now as per a leading online business portal news, some of the banks in India are watching the development with keen interest as Vodafone Idea owes a sum of Rs. 30,000 crore to these Indian banks.

State Bank Of India - Rs 11,000 crore
Yes Bank Ltd - Rs 4,000 crore
IndusInd Bank Ltd. - Rs 3,500 crore
IDFC First Bank Ltd -Rs 3,240 crore
Punjab National Bank -Rs 3,000 crore
ICICI Bank Ltd- Rs 1,700 crore
AXIS Bank Ltd- Rs 1,300 crore
HDFC Bank Ltd -Rs 1,000 crore
GoodReturns.in

Read more about: vodafone idea funding
Story first published: Sunday, July 4, 2021, 18:24 [IST]
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