Mumbai: The share price of telecom major Vodafone Idea fell by over 12 per cent intraday on Friday after the Supreme Court rejected the telcos' plea seeking new schedule of adjusted gross revenues (AGRs) payments.
Also Read: Vodafone Idea will shut in absence of government relief: Birla
Vodafone Idea, Bharti Airtel and Tata Teleservices had filed modification applications on the time schedule to make payments of over Rs one lakh crore which they owe to the Department of Telecommunications (DoT) as AGRs.
Adjusted Gross Revenue (ADR) case: A bench of Supreme Court, headed by Justice Arun Mishra, observed & threatened the telecom companies, as to why no initiation of contempt proceedings should be there against them for not paying the AGR & not complying with SC's earlier order.
— ANI (@ANI) February 14, 2020
The apex court asked telecom operators to explain why these dues were not deposited despite its orders, and why contempt action must not be taken against them for non-compliance of the order.
Also Read: Vodafone India, Idea announce Kumar Mangalam Birla as new Chairman
A day earlier, Vodafone Idea had reported a consolidated loss of Rs 6,439 crore for the October to December quarter (Q3 FY20).
At 12 noon on Friday, its stock was trading 12.5 per cent lower at Rs 3.92 against the previous close of Rs 4.48. (ANI)
