Vodafone Idea extends slide or 2nd day, drops 3% as firm mulls options to pay back AGR dues

NEW DELHi: Shares of Vodafone Idea extended their slide to the second day in Friday’s session amid reports that the telecom operator could offer spectrum, tangible assets and tax refunds as security to the Supreme Court in the AGR case.

Earlier on Thursday, the cash-strapped Vodafone Idea had expressed its inability to shore up money to pay the AGR dues to the government at one go, saying it would be forced to close.

The stock declined 3.41 per cent to Rs 9.07 on BSE, in addition to a 13.41 per cent slide in the previous session after the apex court asked the telecom operator to submit within the next five days the roadmap for payment of dues and the timeline along with the security the company will furnish to protect future payments to the government.

Mukul Rohatgi, the company’s counsel, said it wouldn’t be possible to furnish bank guarantees, given the financial constraints.