IndusInd Bank share price fell to a six-year low today after Supreme Court said there would be no relief to telecom players in the AGR case. The private sector lender has around 2 percent exposure to Vodafone Idea. Share price of IndusInd Bank crashed 36.7% to Rs 382.55 during the day against previous close of Rs 604.3 on BSE.IndusInd Bank share price has lost 42% in last three days. The stock opened 3.52% higher today.
The large cap stock has lost 73.22% during the last one year and fallen 69.45% since the beginning of this year. The stock has lost 60% in last one month.
Earlier in the day, the apex court said no exercise of self-assessment should be carried out by telcos and no further objection would be entertained with respect to AGR dues.
SC was hearing the plea of Department of Telecommunications (DoT) with regard to adjusted gross revenue (AGR) case on March 17.
The Supreme Court said all dues will have to be paid as per the order.
The DoT has raised total demand of around Rs 53,000 core for AGR liability of Vodafone Idea which included interest, penalty and interest on delay in payment of the amount.
The loss making telco on made an additional payment of Rs 3,354 crore towards adjusted gross revenue (AGR) to the Department of Telecom (DoT), thereby completing payment of principal amount calculated on self-assessment basis.
With this fresh payment, Vodafone Idea (VIL) has paid Rs 6,854 crore towards AGR dues.