Vodafone Idea share price: Vodafone Idea share price plunged 19.6 per cent to Rs 10.36 per share on the National Stock Exchange (NSE) on Thursday. The crash in Vodafone Idea's stock price came after the Supreme Court, reportedly, rejected telecom companies' plea on re-computation of adjusted gross revenues (AGR). With this, the stock fell below its follow-on public offer (FPO) price of Rs 11 per share.
The Supreme Court also upheld the quantum of the AGR demand already sought by the government, reports said.
At 12:18 PM, shares of Vodafone Idea were down 17.9 pr cent at Rs 10.59 per share. Shares of Indus Towers, which plunged 14.4 per cent to Rs 366.35 per share intraday, were down 9.9 per cent. Reliance Industries, which owns telecom arm Reliance Jio Platforms, was down 0.5 per cent.
Bharti Airtel shares, on the contrary, were up 1 per cent at Rs 1,672 per share. The shares hit an intraday high of Rs 1,269.35 per share. By comparison, the Nifty50 index was up 65 points (0.23 per cent).
Bharti Airtel shares, on the contrary, were up 1 per cent at Rs 1,672 per share. The shares hit an intraday high of Rs 1,269.35 per share. By comparison, the Nifty50 index was up 65 points (0.23 per cent).
The Supreme Court of India rejected the curative petitions filed by Vodafone Idea and Bharti Airtel, which sought limited reconsideration of the court's 2019 judgment that mandated the inclusion of non-core revenues in the calculation of AGR dues.
The petitions argued that the Department of Telecommunications (DoT) had made meaningful errors in calculating the AGR dues, resulting in unjust penalties.
Vodafone Idea and Bharti Airtel, in their petitions, had contended that AGR should include only core telecom revenues. While the DoT insisted it should encompass all revenue, including from non-telecom services.
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At present, Vodafone Idea has AGR dues worth Rs 70,300 crore pending, while Bharti Airtel owes Rs 44,000 crore.