SC rejects telcos plea on AGR re-computation; Vodafone Idea tanks 15%

Shares of telecom operators Vodafone Idea (VIL) and Bharti Airtel came under selling pressure, falling by up to 15 per cent on the BSE in intra-day trade on Friday, after the Supreme Court (SC) dismissed the application of telecom companies that sought recomputation Adjusted Gross Revenue (AGR) dues demanded by the Department of Telecommunication (DoT).

Post the developmeny, VIL slipped 15 per cent at Rs 7.87 on the BSE in intra-day trade with the stock trading close to its 52-week low of Rs 7.60, last hit on October 19, 2020. A combined 809 million equity shares changed hands on the counter on the NSE and BSE in intraday deals.