Telecom companies Vodafone Idea and Indus Towers have faced a major setback as the Supreme Court has rejected their petition related to AGR (Adjusted Gross Revenue) dues. The petition sought a review of the court’s previous orders on AGR calculations. Both Vodafone Idea and Bharti Airtel had filed this petition questioning the method used by the Department of Telecommunications for calculating AGR dues.
Vodafone Idea Shares Drop 20%
Following the Supreme Court’s decision, Vodafone Idea and Indus Towers stocks have seen a sharp decline. Vodafone Idea’s stock plummeted by 20%, falling from its previous closing price of ₹12.90 to ₹10.36. Currently, the stock is trading at ₹10.89, reflecting a 15.58% drop. It has fallen below its FPO (Follow-on Public Offer) price of ₹11.
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Indus Towers Stock Falls 15%
Indus Towers’ shares have also experienced a significant drop, falling about 15% from their last closing price to ₹366.35. The stock is now trading at ₹386.85, reflecting a 9.67% decrease. In contrast, Bharti Airtel’s stock has risen by 2.50%.
Petition Filed in July 2024
Vodafone Idea, struggling with financial issues, had an AGR dues of ₹70,320 crore by the end of the financial year 2023-24. In July, the company had filed a curative petition against the Supreme Court’s 2019 decision, requesting an expedited hearing of the case.
