In a major setback for Vodafone Idea and Bharti Airtel, the Supreme Court has rejected their curative petitions seeking a re-computation of Adjusted Gross Revenue (AGR) dues. The telcos had cited arithmetic errors in the original calculation of their dues.
However, the court upheld and finalized the original AGR demands, solidifying Vodafone Idea’s dues at ₹70,300 crore and Bharti Airtel’s at ₹44,000 crore. The decision brings an end to the long-standing legal battle over AGR dues, further intensifying the financial strain on the telecom operators.
Following the Supreme Court’s decision to reject the curative petition on AGR dues, Vodafone Idea (NSE: IDEA) stock plummeted 15.04%, trading at ₹10.96 as of 12:12 AM. The stock took a sharp hit after the court upheld Vodafone Idea’s ₹70,300 crore dues.
Similarly, Indus Towers (NSE: INDUSTOWER) saw a significant decline, dropping 11.38% to ₹379.50. Indus Towers, a major telecom infrastructure provider, was also affected as the financial strain on Vodafone Idea deepens, raising concerns about its ability to meet its obligations.
This news has triggered heavy sell-offs for both stocks as investors reacted to the unfavorable ruling.