Shares in Vodafone Idea Ltd fell over 22% in trade, after the Supreme Court rejected a plea seeking new schedule of Adjusted Gross Revenue (AGR) payments. The Apex Court has ordered that AGR dues by telecom companies be paid by March 17, 2020.
Coming down heavily on the Department of Telecommunications (DoT) for not taking coercive action against telcos for failing to repay, the apex court ordered contempt proceedings against Bharti Airtel and Vodafone Idea.
The shares of Vodafone Idea closed 22.22% lower at Rs 3.5 per share. Bharti Airtel shares were, however, ended 4.38% higher at Rs 563.60.