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Vodafone Idea shares tank nearly 10%

Shares of Vodafone Idea on Tuesday tumbled nearly 10 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 8.84 per cent to Rs 8.24 on the BSE.

On the NSE, it plunged 9.89 per cent to Rs 8.20.

Bharti Airtel also declined 1.17 per cent to Rs 569 on the BSE.

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.

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