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Vodafone Idea shares tumble nearly 10 pc
Shares of Vodafone Idea on Friday tumbled nearly 10 per cent after the Supreme Court dismissed the applications filed by telecom majors seeking rectification of the alleged errors in calculation of adjusted gross revenue (AGR)-related dues payable by them.
By
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migrator
New Delhi
The stock plummeted 9.62 per cent to close at Rs 8.36 on the BSE. During the day, it tumbled 14.91 per cent to Rs 7.87.Â
On the National Stock Exchange (NSE), it plunged 9.72 per cent to close at Rs 8.35.Â
Bharti Airtel, which dipped 2.49 per cent to Rs 532.85 during the day on the BSE, later recovered all the losses and closed with a marginal gain of 0.38 per cent at Rs 548.55.Â
The Supreme Court on Friday dismissed the applications filed by telecom majors, including Vodafone Idea and Bharti Airtel, seeking rectification of the alleged errors in calculation of AGR-related dues payable by them.Â
All the miscellaneous applications are dismissed, a bench headed by Justice L Nageswara Rao said while pronouncing the order.Â
The telecom companies had submitted before the apex court that arithmetical errors in the calculation be rectified and there are cases of duplication of entries.Â
The rejection of telcos' pleas seeking re-calculation of AGR related dues does not bode well for a recovery in the sector and is likely to protract the same given the backdrop of high debt levels and low tariffs, Icra said on Friday.Â
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