Airtel, Vodafone Idea stocks slip SC rejects telcos' plea for new schedule for AGR dues

Shares of Vodafone Idea and Bharti Airtel turn volatile after the Supreme Court directs contempt proceedings against Airtel and Vodafone Idea for not paying adjusted gross revenue dues on time.

Feb 14, 2020 05:02 IST India Infoline News Service

Telecom Stock Down
The Telecom index turned flat in the morning trade after the media news said that the Supreme Court on Friday slammed the Department of Telecommunications for not taking any action against the telecom companies, which failed to repay AGR dues as ordered by the top court.

A bench of justices Arun Mishra, S Abdul Nazeer and M R Shah heard a batch of petitions filed by telecom companies in open court, the media reports added.

Reacting to this news, shares of Vodafone Idea and Bharti Airtel turn volatile after the Supreme Court directs contempt proceedings against Airtel and Vodafone Idea for not paying adjusted gross revenue dues on time.

Further, the Supreme Court asked the telecom companies to deposit all AGR dues before the next hearing on March 17, the media reports added.

Vodafone Idea among top loser on the BSE telecom index, followed by Infratel, GTL Infra and Airtel.

Meanwhile, benchmark indices pared gains in morning trade with the Sensex and Nifty down 0.5% each. The market breadth was negative on the BSE, 1022 shares rose and 830 shares fell.

Bharti Airtel Ltd is currently trading at Rs542.25, up by Rs2.45 or 0.45% from its previous closing of Rs539.80 on the BSE.

Vodafone Idea Ltd is currently trading at Rs4.12, down by Rs0.36 or 8.04% from its previous closing of Rs4.48 on the BSE.
Vodafone Idea among top loser on the BSE telecom index, followed by Infratel, GTL Infra and Airtel.

Meanwhile, benchmark indices pared gains in morning trade with the Sensex and Nifty down 0.5% each. The market breadth was negative on the BSE, 1022 shares rose and 830 shares fell.

Bharti Airtel Ltd is currently trading at Rs542.25, up by Rs2.45 or 0.45% from its previous closing of Rs539.80 on the BSE.

Vodafone Idea Ltd is currently trading at Rs4.12, down by Rs0.36 or 8.04% from its previous closing of Rs4.48 on the BSE.

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