Vodafone Idea stocks fell 21% to ₹10.69 at 12.15 p.m. on September 19, from the day’s open of ₹12.99 as Supreme Court rejected the company’s curative petition on Adjusted Gross Revenues (AGR) dues.
The three-judge Bench ruled that there was no ground for a curative petition against the court’s decision.
Vodafone Idea had filed a curative petition challenging a 2019 verdict calling for dues in license fee and spectrum charges to be paid to the Department of Telecom as AGR dues. Telecom companies are mandated to pay 8% and 3% of their AGR as license fee and spectrum usage fee to the DoT.
The stock closed at ₹10.43 down around 20% from the day’s open. The benchmark BSE Sensex however, closed at 83,184.80, 0.29% more than the day’s open.
Published – September 19, 2024 05:18 pm IST