Indus Towers shares dropped more than 9% in morning trade after the Supreme Court rejected the telcos’ plea for the re-computation of Adjusted Gross Revenues (AGR). The court’s verdict struck a significant blow to telecom companies.
In a significant ruling, the SC dismissed the telcos’ curative petitions. The petitioners had requested that the court review its previous decision on AGR dues and sought a listing of their petitions in an open court. However, the application for an open court hearing was denied, and all curative petitions were dismissed. Furthermore, any pending applications in the matter were also disposed of by the court.
As of 11:50 am the shares of Indus Towers were trading 9.99% lower at ₹385.45 on NSE.
