Bharti Airtel has paid Rs 10,000 crore to the DoT towards AGR dues.
Shares of Bharti Airtel, Vodafone Idea and Bharti Infratel remained under pressure and lost 3-11 percent on February 18 on concerns over payment of adjusted gross revenue (AGR) dues.
Bharti Airtel has touched a 52-week high of Rs 568.60 in the early hours only to wipe out the gains and trade lower for rest of session.
On February 14, Department of Telecommunications (DoT) ordered Bharti Airtel and Vodafone Idea to clear their AGR dues before midnight.
Vodafone Idea on February 17 authorised an immediate payment of Rs 2,500 crore to the DoT as a part payment of dues and said I would pay another Rs 1,000 crore before the end of the week.
Care Ratings has downgraded the ratings of Vodafone Idea's long-term bank facilities and non-convertible debentures.
Also, India Ratings and Research (Ind-Ra), has downgraded its rating to IND B/RWN of the non-convertible debentures of Rs 3,500 crore of Vodafone Mobile Services.
Bharti Airtel paid Rs 10,000 crore to the DoT which includes an amount on behalf of Telenor India, merged with the company; and Rs 500 crore on behalf of Bharti Hexacom, a subsidiary.
The company is in the process of completing self-assessment exercise expeditiously and would make the balance payment upon completion of the same before the next date of hearing in the Supreme Court, it said. The case is up for hearing on March 17.
Vodafone Idea Limited was quoting at Rs 3.03, down 11.40 percent, Bharti Infratel was quoting at Rs 210.10, down 10.61 percent and Bharti Airtel was quoting at Rs 547.75, down 3.05 percent, on the BSE.Exclusive offer: Use code "BUDGET2020" and get Moneycontrol Pro's Subscription for as little as Rs 333/- for the first year.
