Shares of telecom service providers Vodafone Idea and Bharti Airtel were trading lower in an otherwise bullish market on Tuesday after the Supreme Court on Monday reserved its order on a petition related to allowing telcos to make staggered payments of adjusted gross revenue (AGR) over 20-years.
Vodafone Idea stock price opened at Rs 8.99 today and later fell to the intraday low of Rs 8.15, down 9.8% against the previous close of Rs 9.04 on BSE.
The stock has lost 10% in one week, 8% in one month and 23% in one year. Vodafone shares trade higher than 100 and 200 day but lower than 5, 20 and 50-day moving averages.
Similarly, Airtel shares were trading 1.6% lower at Rs 566.45 against earlier close of Rs 575.57 on BSE. Bharti Airtel stock price has fallen 3.44% in one week and 0.45% in one month. Both Vodafone Idea and Bharti Airtel stocks have fallen after 2 days of consecutive gain.
Tata Teleservices shares were trading 0.3% lower at Rs 3.61 today. Meanwhile, BSE telecom index was down 1.85% at 1,301.
A three-judge bench of Justices Arun Mishra, S Abdul Nazeer and Mr Shah are hearing the case. Earlier, DoT (department of telecom) had sought the SC's approval to ask telcos to pay their Rs 1.69-lakh crore dues over 20 years.While Vodafone shares ended 8.08% lower at Rs 8.31 on BSE, Bharti Airtel ended 1.39% lower at Rs 567.75. Tata Teleservices, on the other hand, closed flat at Rs 3.66.
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