Vodafone Idea encountered a challenging start on the NSE as its shares dropped nearly 2 percent at the opening bell on October 6. This decline followed a regulatory filing on October 5, where the Department of Telecommunication dismissed the company’s representation and objections regarding license fee demands amounting to Rs. 1,749 crore and Rs. 1,524 crore for FY2015-16 and FY2016-17, respectively. The dismissal, outlined in an order dated October 4, significantly impacted the company’s market standing.
As of 10 am, Vodafone Idea’s shares were trading at Rs 10.90, indicating a nearly 3 percent decrease from the previous day’s closing price. The company’s regulatory filing highlighted previous attempts to address errors in demands up to FY 2016-17, which the Department of Telecommunication had not yet rectified. Vodafone Idea emphasized the need for corrections, stating that these adjustments could potentially reduce the demands outlined by the Supreme Court.
By 12:56 PM, the shares of Vodafone Idea continued to face pressure, trading at 1.79% down or -0.20 at ₹11.00, reflecting the ongoing impact of the regulatory dispute on the company’s market performance.
