After the company announced that Kumar Mangalama Birla, the chairperson of the Aditya Birla Group, has rejoined the board of Vodafone Idea as a new director (non-executive and non-independent) with effect from April 20, 2023, shares of Vodafone Idea increased by about 10% during the early trading session on Friday. In the first transaction of today, the action improved confidence towards the telecom stock.

On Friday, shares of Vodafone Idea rose 10% to Rs 6.65 before partially giving up its gains to trade at Rs 6.57 at 9:45 am. The company had a market cap that was little about Rs 32,000 crore. The stock's closing price on Thursday was Rs 6.06.

On Friday, shares of Vodafone Idea rose 10% to Rs 6.65 before partially giving up its gains to trade at Rs 6.57 at 9:45 am. The company had a market cap that was little about Rs 32,000 crore. The stock's closing price on Thursday was Rs 6.06.

"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 Kumar Mangalam Birla, as an additional director (non-executive and non-independent) with effect from April 20, 2023," said Vodafone Idea in its regulatory filing.

Birla has rejoined the board after a 20-month absence. He remained chairman of Vodafone Idea until August 2021, at which point he decided to retire. The petition went on to say that Birla's appointment to the board is contingent on shareholder approval.

The telecom company announced earlier in the day that Krishna Kishore Maheshwari, a former senior executive at Ultratech Cement Ltd., which is owned by the Aditya Birla Group, had resigned as a non-executive director for personal reasons.

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