You are here: Home » News-CM » Equities » Hot Pursuit
Business Standard

Bharti Airtel slides after deferring Q2 results

Business Finance

Capital Market 

Shares of Bharti Airtel tumbled 3.45% after the telecom major informed that its Q2 results has been deferred till 14 November.

The telecom major was to announce its Q2 results today, 29 October 2019. It, however, clarified before trading hours today that the result announcement has been deferred till 14 November 2019 as more clarity is needed on the adjusted gross revenue (AGR) matter arising out of recent judgement of the Supreme Court. The company is approaching Department of Telecommunications (DoT) to seek clarity on the total amounts involved and request for their support to deal with this adverse outcome.

The Supreme Court has reportedly instructed telecom companies to deposit the dues sought by the government in three months in accordance with the court's Thursday order backing a broader definition of adjusted gross revenue (AGR). Vodafone Idea and Bharti Airtel are affected the most by the SC order with pending licence fee and spectrum usage charge (SUC) dues of Rs 39,000 crore and over Rs 41,000 crore, respectively.

Shares of Bharti Airtel were trading 3.45% lower at Rs 359.8 on BSE. Meanwhile, the S&P BSE Sensex was up 0.08% at 39,283.41.

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, October 29 2019. 09:20 IST