Vodafone Idea Gains 2.2% as Supreme Court Considers AGR Challenge

10 Oct 2023 , 03:14 PM

Vodafone Idea (VI) shares saw a 2.2% increase on October 10 following a significant legal move. VI filed a curative petition in the Supreme Court regarding its Adjusted Gross Revenue (AGR) concerns. Both VI and Bharti Airtel have contested the AGR levied, citing calculation errors in the 2019 Supreme Court judgment on dues.

VI emphasized that the imposed dues and interest are financially burdensome, challenging the company’s very existence. The telco appealed for a reconsideration of the judgment, pointing out the disproportionate penalty and interest.

VI shares have shown an impressive 22% increase in the past year, outperforming Nifty 50’s 12.7% rise. The company’s shares exhibit low volatility, indicated by a one-year beta of 0.93.

Promoters hold a majority stake of 50.4%, while FIIs own a minimal stake of 2.3% and DIIs hold 33.9%. The public holds a 13.4% stake in VI, as per June quarter shareholding data.

For feedback and suggestions, write to us at [e-mail]