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Vodafone Idea shares decline over 4 per cent after FY20 earnings

Shares of Vodafone Idea on Wednesday plunged over 4 per cent after the company reported a staggering Rs 73,878 crore of net loss for the fiscal ended March 2020.  

PTI PTI
New Delhi Published on: July 01, 2020 18:51 IST
Vodafone Idea shares decline over 4 per cent after FY20 earnings
Image Source : FILE

Vodafone Idea shares decline over 4 per cent after FY20 earnings

Shares of Vodafone Idea on Wednesday plunged over 4 per cent after the company reported a staggering Rs 73,878 crore of net loss for the fiscal ended March 2020.

The stock dipped 4.33 per cent to close at Rs 10.16 on the BSE. During the day, it tanked 5.46 per cent to Rs 10.04.

On the NSE, it declined 4.24 per cent to close at Rs 10.15.

In terms of volume, 9.21 crore shares were traded on the BSE, while over 43 crore shares changed hands on the NSE during the day.

The country's third largest telecom operator, earlier in the day, reported a net loss of Rs 73,878 crore for the fiscal ended March 2020 - the highest ever by any Indian firm - after it provisioned for Supreme Court mandated statutory dues.

The firm, which has to pay Rs 51,400 crore dues after the apex court ordered non-telecom revenues to be included in calculating statutory dues, said the liability has "cast significant doubt on the company's ability to continue as a going concern".

In a regulatory filing, Vodafone Idea (VIL) reported widening of March quarter net loss to Rs 11,643.5 crore.

Its losses stood at Rs 4,881.9 crore in the same period a year ago and Rs 6,438.8 crore in preceding October-December quarter.

The Department of Telecom (DoT) estimates the firm's adjusted gross revenue (AGR) dues at Rs 58,254 crore for period up to FY 2016-17, but the company put the dues at Rs 46,000 crore "after adjustment of certain computational errors and payments made in the past not considered in the DoT demand."

Of the total dues, it has made a payment of Rs 6,854.4 crore.

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