Shares of Vodafone Idea Ltd fell sharply on Monday, October 6, slipping over 6% to ₹8.34 apiece on the NSE, after the Supreme Court adjourned the hearing on the company’s adjusted gross revenue (AGR) dues case to October 13. The verdict was initially expected today.
The case pertains to the company’s plea against the Department of Telecommunications’ (DoT) additional AGR dues demand of ₹9,450 crore. The court has twice deferred proceedings in the past — first on September 19, when the Centre stated it did not oppose Vodafone Idea’s plea but sought a viable resolution as it holds a stake in the company, and again on September 26, when Solicitor General Tushar Mehta requested more time to file responses.
Vodafone Idea has argued that the additional demand exceeds the scope of the Supreme Court’s earlier ruling on AGR liabilities and includes reassessed elements already settled in prior orders. The DoT, however, contends the extra dues arise from accounting adjustments rather than reassessment.
The deferment disappointed investors who were awaiting clarity on the verdict. With the case now postponed, sentiment turned negative, leading to a sell-off in the telecom stock.
At the time of writing, Vodafone Idea shares traded at ₹8.34, down 5.44%, with a market capitalisation of ₹934.99 crore.
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