Vodafone, Airtel in the red as PIL against non-payment of AGR dues moved in SC

NEW DELHI : Shares of Vodafone Idea Ltd fell 2.2%, while those of Bharti Airtel Ltd declined nearly 1% on Monday after a public interest litigation (PIL) was moved in the Supreme Court, seeking the quashing of a recent direction of the Department of Telecommunications (DoT) on dues related to adjusted gross revenue (AGR).

The DoT on Thursday said it will not take coercive action against telecom companies that failed to meet the court-directed 23 January deadline to pay dues, after Vodafone and Airtel sought more time. The Supreme Court has agreed to hear pleas of telecom companies, seeking easier payment schedule and terms.