AGR dues: Vodafone Idea stock falls over 11 percent
Business | February 18, 2020 17:48 ISTShares of Vodafone Idea on Tuesday settled over 11 per cent down in the wake of continuing business uncertainty overpayment of statutory dues.
Shares of Vodafone Idea on Tuesday settled over 11 per cent down in the wake of continuing business uncertainty overpayment of statutory dues.
Shares of Vodafone Idea on Tuesday tanked over 16 per cent due to rating downgrade on AGR dues and other issues of the company. On the BSE, the stock plunged 14.91 per cent to trade at Rs 2.91 in early market hours. Later it was trading with a loss of 8.77 per cent at Rs 3.12.
A number of telecom firms are in troubled waters with over a massive Rs 1.47 lakh crore of adjusted gross revenue (AGR) dues to pay. These include top telcos -- Bharti Airtel and Vodafone Idea -- who owe about 60 percent.
Vodafone Idea and Tata Group on Monday made part payment of about Rs 2,500 crore and over Rs 2,190 crore, respectively, to the telecom department towards statutory dues.
The three companies are jointly liable to pay dues of over Rs 1 lakh crore, but they have informed the Department of Telecom (DoT) of making only partial payment, as per their representatives.
Vodafone Idea could be the largest bankruptcy ever in India as the inability to pay dues under the adjusted gross revenue (AGR) may push the Vodafone Plc and Aditya Birla joint venture in that direction.
Debt-ridden telecom operator Vodafone Idea on Saturday said it is assessing the amount that can be paid towards AGR dues, even as it flagged concerns over the continuation of its business.
As the sword of Damocles hangs over Vodafone Idea, uncertainty continues to mire the Indian telecom sector which has seen fall of several telcos such as Etisalat DB, Reliance Communications, Sistema Shyam and Aircel. As the sword of Damocles hangs over Vodafone Idea, uncertainty continues to mire the Indian telecom sector which has seen fall of several telcos such as Etisalat DB, Reliance Communications, Sistema Shyam and Aircel.
The Department of Telecommunications (DoT) on Friday ordered Bharti Airtel and Vodafone Idea to clear their adjusted gross revenue (AGR) dues before Saturday midnight
In an ultimatum, the Department of Telecommunications has ordered firms including Bharti Airtel and Vodafone Idea to clear dues before Friday midnight.
Vodafone Idea, which is staring at statutory dues of about Rs 53,000 crore, has postponed its post-earnings conference call with analysts, which was earlier scheduled for Friday.
Shares of Vodafone Idea (VIL) on Friday tumbled nearly 19 per cent after the company reported widening of losses to Rs 6,438.8 crore in the third quarter of 2019-20. The scrip tanked 18.30 per cent to Rs 3.66 on the BSE.
Vodafone Idea on Thursday reported widening of losses to Rs 6,438.8 crore in October-December 2019 against Rs 5,004.6 crore in the year-ago period as the AGR dues-hit telco reeled under the impact of increased finance costs and higher depreciation of assets.
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