In early trade on November 9, Vodafone Idea witnessed a 2.5 percent surge following a significant legal victory. The Bombay High Court directed the income-tax department to refund Rs 1,128 crore paid by the telecom operator in dues during the fiscal year 2016-17.
The court deemed the assessment order against Vodafone Idea as “unsustainable and time-barred,” highlighting a flaw in the procedure related to the telecom major.
As of 11:28 am, Vodafone Idea’s shares were trading 1.10 percent higher at ₹13.80 on the National Stock Exchange, indicating investor confidence in the company’s legal standing and financial prudence.
The court’s decision marked a positive turn for Vodafone Idea, providing clarity on the disputed dues and strengthening the company’s financial position in the market.