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Bharti Airtel slides after deferring Q2 results

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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.

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

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