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Vodafone share price slips 14% ahead of SC hearing on AGR dues

The stock price of Vodafone Idea fell to the intraday low of Rs 9.26 on BSE, down 14.44% against earlier close of Rs 10.82

twitter-logoBusinessToday.In | June 11, 2020 | Updated 15:54 IST
Vodafone share price slips 14% ahead of SC hearing on AGR dues
Market capitalisation of the telco stood at Rs 28,361.83 crore

Share price of telecom major Vodafone Idea fell 14% in Thursday's trade, ahead of a Supreme Court hearing on the adjusted gross revenue (AGR) case.

Department of Telecommunication (DoT) had approached the top court on March 16 seeking approval for a formula allowing telecom service providers to pay AGR dues in annual instalments over the next 20 years or more.

The BSE Telecom index was trading flat in morning trade ahead of the judgement by the apex court on the AGR matter.

Market capitalisation of the telco stood at Rs 28,361.83 crore.

The stock price of Vodafone Idea fell to the intraday low of Rs 9.26 on BSE, down 14.44% against earlier close of Rs 10.82.

Vodafone Idea is trading higher than 5, 20, 50, 100 and 200-day moving averages. The stock has risen 14.37% in one week and 115.5% in one month.

Vodafone Idea's total dues remaining payable amount to Rs 53,000 crore as per DoT, while the company claims it stands at Rs 21,500 crore. So far, the telco has paid Rs 6,900 crore.

As per court's order, telcos are to clear total dues worth Rs 1.47 lakh crore, in line with the DoT's estimate.

By March, government had received part payment of about Rs 25,900 crore from telecom operators towards AGR dues.

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