Vodafone Idea share price slumps 9% after Supreme Court defers hearing in AGR case to October 6
Vodafone Idea share price has rallied 21% in one month and 12% in three months. The penny stock has gained 15% in six months but has remained largely flat on a YTD basis. Vodafone Idea stock price has fallen 22% in one year and 33% in two years.
Vodafone Idea share price slumped nearly 9% on Friday after the Supreme Court of India deferred the hearing in the company’s Adjusted Gross Revenue (AGR) case to October 6, following a government request for more time. Vodafone Idea shares declined as much as 8.98% to ₹7.90 apiece on the BSE.
During the proceedings, Solicitor General Tushar Mehta, appearing on behalf of the Department of Telecommunications (DoT), sought additional time to respond to the telecom operator’s plea. Vodafone Idea did not oppose the request, reports said.
The case pertains to the DoT’s demand of ₹9,450 crore in additional AGR dues from the debt-laden telecom company. Vodafone Idea has petitioned the Supreme Court to set aside the demand, arguing that it exceeds the scope of the court’s earlier judgment on AGR liabilities.
Last week, the Centre informed the apex court that it does not oppose Vodafone Idea’s plea but stressed that a resolution was necessary, particularly because the government itself holds a significant equity stake in the company. The government became the largest shareholder in Vodafone Idea, owning a 49% stake after converting the company’s interest liabilities into equity. However, it is not classified as a promoter.
The Supreme Court, during last week’s hearing, emphasized the need for finality in the matter and had listed the case for Friday, September 26. With the fresh deferment, the next hearing is now scheduled for October 6.
Vodafone Idea Share Price
Vodafone Idea share price has rallied 21% in one month and 12% in three months. The penny stock has gained 15% in six months but has remained largely flat on a year-to-date (YTD) basis. Vodafone Idea stock price has fallen 22% in one year and 33% in two years. The telecom stock has slumped 90% in ten years.
At 11:55 AM, Vodafone Idea share price was trading 6.34% lower at ₹8.13 apiece on the BSE.
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