Latest News | Vodafone Idea Shares Tank 8 Pc
Get latest articles and stories on Latest News at LatestLY. Shares of Vodafone Idea on Tuesday tumbled 8 per cent, a day after the Supreme Court said it was not reasonable to give 15 to 20 years period for paying AGR dues by telecom companies.
New Delhi, Jul 21 (PTI) Shares of Vodafone Idea on Tuesday tumbled 8 per cent, a day after the Supreme Court said it was not reasonable to give 15 to 20 years period for paying AGR dues by telecom companies.
The stock tanked 8.08 per cent to close at Rs 8.31 on the BSE. During the day, it plunged 9.84 per cent to Rs 8.15.
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On the NSE, it tumbled 7.69 per cent to close at Rs 8.40.
Bharti Airtel also declined 1.39 per cent to close at Rs 567.75 on the BSE.
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On Monday, the apex court made it clear that it will not hear "even for a second" the arguments on reassessment or re-calculation of the Adjusted Gross Revenue (AGR) dues of telecom companies which is about Rs 1.6 lakh crore.
The apex court also said it was not a reasonable proposal that a period of 15 to 20 years be given to the telecom companies to pay AGR dues.
A bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah reserved the verdict on the issue of timeline for staggered payment of AGR-related dues by telecom companies.
Telecom companies, already hit by intense competition that is hurting their earnings, are also facing increased financial stress due to AGR dues.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)