Vodafone India and Idea Cellular started integration of their networks after completing their merger on August 31, 2018.
Balesh Sharma will be taking up a new role with Vodafone Group, which will be announced in due course.
Ravinder Takkar, currently Vodafone Group's representative in India, will be appointed as the new MD and CEO with immediate effect, the company said in a statement.
According to brokerages, the stock market crash on Monday was a direct result of the company’s poor performance during the first quarter, with consolidated net loss at Rs 4,873.90 crore.
Hinting at possible legal recourse, Airtel asserted that it will approach the 'appropriate forum' after receiving a formal intimation about penalty.
In its earlier meeting in June, the panel had approved the penalties but asked TRAI to revisit the quantum of fines taking into account the financial stress in the sector.
According to a company filing, the decision has been taken due to unanticipataed developments in the business landscape that have made the economic model unviable.
In October 2016, TRAI had recommended imposing a total penalty of Rs 3,050 crore on Airtel, Vodafone Idea for allegedly denying interconnectivity to newcomer Reliance Jio.
Trai's recommendation came on a complaint by RJio that over 75 per cent of calls on its network were failing as incumbents were not releasing sufficient number of PoIs.
The telecom company said that it is integral to a grow the business economically with speed and efficiency.
The overall tele-density in India declined to 90.11 at the end of March, from 91.86 in February.
The Telecom Department has been closely monitoring the situation and holding review meetings with operators to oversee restoration work.
The company did not divulge the size of the deal but some reports pegged it at about USD 700 million.
The rights issue was priced at Rs 12.50 per share, a discount of 27 per cent to Vodafone Idea's closing share price of Rs 17.20 on Wednesday.
BSE data showed offers for 4,92,30,10,660 shares and NSE 11,09,28,57,339 shares as against the total issue size of 19,999,830,911 equity shares.