Vodafone Idea Shares Drop 11% After Supreme Court Rejects AGR Dues Plea
Vodafone Idea’s shares fell 11% on Monday after the Supreme Court turned down its request to review dues of around ₹30,000 crore. The court called the company’s request “shocking” and said it had no strong reason to ask for relief.
Vodafone Idea had warned that without help, the entire telecom industry could suffer. The government owns 49% of the company after converting some unpaid dues into shares.
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Following the news, shares of Indus Towers also dropped by 3.5%.
Bharti Airtel has also asked the court for a waiver on similar dues, saying the rules should be fair for all telecom companies.
Vodafone Idea shares are now down 8.6% at ₹6.76.
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