Vodafone Idea erases morning gains, ends flat after SC refuses its proposal

Shares of Vodafone Idea erased all its morning gains to end over half a per cent lower at Rs 3.42 on Monday after the Supreme Court rejected the telecom firm’s proposal to pay Rs 2,500 crore by the end of the day and Rs 1,000 crore by Friday against Adjusted Gross Revenue (AGR) dues, while also refusing its plea that no coercive action be taken against it.

Earlier, the stock surged 19 per cent to Rs 4.09 on the BSE after the ailing firm said it would pay its dues linked to AGR in the next few days after assessing the amount.

The Supreme Court had on Friday dismissed the petitions of Bharti Airtel and Vodafone Idea seeking a staggered option to pay their AGR-related dues. Following the SC ruling, Vodafone Idea’s stock price had plummeted 19 per cent.