AGR Dues Case: Telecom companies Vodafone Idea and Indus Towers have received a big blow from the Supreme Court. The Supreme Court has rejected the curative petition seeking review of the court’s old order on AGR dues of these companies. Vodafone Idea and Bharti Airtel had filed this petition in which the method of calculation of AGR dues of the Department of Telecommunications was questioned.
Vodafone Idea slipped 20 per cent
Due to the Supreme Court’s rejection of the curative petition of telecom companies, the stock of Vodafone Idea and Indus Towers has seen a sharp decline. Vodafone Idea’s stock (Vodafone Idea Share) fell by 20 percent. Vodafone Idea’s stock fell by about 20 percent from the previous closing price of Rs 12.90 to Rs 10.36. Currently, the stock is trading at Rs 10.89 with a decline of 15.58 percent. Vodafone Idea’s share has also fallen below its FPO price of Rs 11.
Indus Tower shares fell 15%
Indus Tower Share fell by about 15 percent from its previous closing to Rs 366.35. Currently, Indus Tower is trading at Rs 386.85, down 9.67 percent. However, Bharti Airtel stock is trading with a gain of 2.50 percent.
The companies had filed the petition in July 2024
Vodafone Idea, which is facing financial crisis, had AGR dues of Rs 70,320 crore till the end of the financial year 2023-24. The company had filed a curative petition against the 2019 decision of the court in July and sought an early hearing of the case from the Supreme Court. Vodafone Idea told the court in its petition, the company is facing financial crisis and its existence has been questioned. Clear error in AGR demand is not being corrected by an order of the court. Along with penalty on the outstanding amount, penalty has also been imposed on interest, which is not fair.
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