Supreme Court Rejects Telecom Firms' Plea on AGR Dues, Vodafone Idea Shares Plunge 19.6% on NSE

Sep 19, 2024, 06:35 AM

The Supreme Court has rejected the curative petitions filed by telecom companies, including Bharti Airtel and Vodafone Idea, seeking a re-computation of their Adjusted Gross Revenue (AGR) dues. The telecom firms had argued that there were arithmetic errors in the computation of the AGR demand. Following the ruling, shares of Vodafone Idea and Indus Towers saw significant declines, with Vodafone Idea's stock plunging 19.6% to Rs 10.36 per share on the NSE. Indus Towers' shares were locked at a 10% lower circuit. The decision is a major setback for the telecom industry, which had hoped for relief from the hefty dues.