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Vodafone Idea, Bharti Airtel stocks crash up to 40% after SC denies relief on AGR dues

Vodafone Idea share price crashed up to 40% to Rs 2.91 against previous close of Rs 4.85

twitter-logo BusinessToday.In        Last Updated: March 18, 2020  | 13:45 IST
Vodafone Idea, Bharti Airtel stocks crash up to 40% after SC denies relief on AGR dues
Bharti Airtel share price fell up to 5.03% to Rs 431.25 compared to the previous close of Rs 454.10 on BSE

Share price of Vodafone Idea and Bharti Airtel plunged up to 40% in trade today after Supreme Court rejected plea for any relief to telcos on adjusted gross revenue (AGR) dues. Vodafone Idea share price crashed up to 40% to Rs 2.91 against previous close of Rs 4.85. Similarly, Bharti Airtel share price fell up to 5.03% to Rs 431.25 compared to the previous close of Rs 454.10 on BSE.

Share price of Sunil Mittal-led Bharti Airtel has lost 18.68% in last one month. However, Vodafone Idea share price has gained 11.22% during the period.

The apex court said telecom companies would have to pay the due AGR amount as it's "public money".

"Dues are public money that they have not paid for past 20 years," said a SC bench headed by Justice Arun Mishra.

Asserting that no self-assessment exercise will be allowed, the Supreme Court said the telecom companies would have to pay interest and penalty as per its October 24 judgement.

ALSO READ:Infographic: How Vodafone Idea, Airtel got into trouble

Vodafone Idea has already threatened to shut operations in India if government continues to demand full payment of AGR dues, which could affect its 13,000 direct employees working in the country.

Despite the DoT pegging dues of Airtel and Vodafone Idea at Rs 35,586 crore and Rs 53,000 crore, telcos claim the actual amount is quite lower than that.

ALSO READ:Vodafone Idea's lawyer warns 10,000 will be jobless if AGR dues kill company

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