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Telecom stocks turn volatile after SC dismisses review petition

Capital Market 

The Supreme Court (SC) on Friday (14 February) rejected the plea by mobile carriers seeking more time to settle adjusted gross revenue (AGR) dues.

Tata Teleservices (Maharashtra) fell 9.89% to Rs 3.28. Vodafone Idea slumped 8.93% to Rs 4.08.

Bharti Airtel jumped 3.40% to Rs 558.15.

SC directed telecom providers to pay their AGR dues to department of telecommunications (DoT) by the next court hearing on 17 March 2020. A bench comprising Justices Arun Mishra, Abdul Nazeer and M R Shah had assembled today to hear a batch of fresh petitions filed by telecom companies seeking more time for payment of AGR dues.

The court made scathing observations on the conduct of the telecom companies as well as the DoT for ignoring its 24 October verdict that had directed the firm to pay AGR dues to DoT by 23 January 2020.

According to media reports, Vodafone Idea and Airtel owe Rs 1.47 lakh crore to DoT.

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

First Published: Fri, February 14 2020. 12:05 IST