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Vodafone Idea shares plunge 17%, Airtel up 4% after SC's AGR verdict

Vodafone Idea shares plunged over 17 per cent, while the stock price of Bharti Airtel surged over 4 per cent on Tuesday

Topics
Adjusted gross revenue | Vodafone India | Bharti Airtel

IANS  |  Mumbai 

Vodafone Idea

Vodafone Idea shares plunged over 17 per cent, while the stock price of surged over 4 per cent on Tuesday after the said that the telecom operators will have to clear their dues in 10 years time with a 10 per cent up front payment by March 31, 2021.

Around 12.30 p.m., shares on the BSE were trading at Rs 537.75, higher by Rs 23.80 or 4.63 per cent from its previous close.

Vodafone Idea shares on the BSE were trading at Rs 8.40, lower by Rs 1.79 or 17.57 per cent from its previous close.

The top court said that every year by February 7, payment has to be made and telecom will have to face contempt proceedings along with a penalty in case of default in payment of annual instalment.

The Centre had sought a 20-year timeline for the (AGR) payments, and both Vodafone Idea and had sought a 15-year timeline.

Vodafone Idea is in a financially weaker position than the other telcos and has time and again said that it would have to shut shop if it were to pay the dues in one go.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Tue, September 01 2020. 14:17 IST
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