Vodafone Idea stock plunges by 12 per cent after new SC order

Written by February 14, 2020 16:39

New Delhi: The share price of telecom major Vodafone Idea fell by over 12 per cent intraday on Friday after the Supreme Court rejected the telcos’ plea seeking new schedule of adjusted gross revenues (AGRs) payments.

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Vodafone Idea, Bharti Airtel and Tata Teleservices had filed modification applications on the time schedule to make payments of over Rs one lakh crore which they owe to the Department of Telecommunications (DoT) as AGRs.

The apex court asked telecom operators to explain why these dues were not deposited despite its orders, and why contempt action must not be taken against them for non-compliance of the order.

A day earlier, Vodafone Idea had reported a consolidated loss of Rs 6,439 crore for the October to December quarter (Q3 FY20).

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At 12 noon on Friday, its stock was trading 12.5 per cent lower at Rs 3.92 against the previous close of Rs 4.48. (ANI)