Vodafone Idea tanks 13% after SC order

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SME Times News Bureau | 14 Feb, 2020
Vodafone Idea tanked over 13 per cent on the BSE after the Supreme Court on Friday came down heavily on the telecom companies for non-compliance of its earlier order in the adjusted gross revenue (AGR) case.

Vodafone Idea had said that it may collapse without any relief from the court. The struggling company has a Rs 53,000 crore AGR due, one of the highest among Indian telcos.

The top court had asked the telcos to pay Rs 1.47 lakh crore to the Department of Telecom (DoT). On Friday it summoned their top executives to court to explain why its order on clearing dues was not followed.

However, Bharti Airtel and Reliance Industries which owns Jio managed to trade in the green after the court's strictures.

A bench headed by Justice Arun Mishra also warned the telecom companies that the court may initiate contempt proceedings against them and government officials for not complying with its order.

The top court has ordered the managing directors of Bharti Airtel , Vodafone, MTNL, BSNL, Reliance Communications, Tata Telecommunication and others to be present in the court on March 17.

The top court also directed the Centre to immediately withdraw order passed by its desk officer to not take coercive action against the telecom companies.