Vodafone Idea shares rise on hopes of dues clearance

Shares of loss-making Vodafone Idea rose as much as 12 per cent, after media said that the distressed Indian telecom operator would pay some of its staggering government dues of $3.9 billion on Monday, to avoid violating court orders.

On Friday, mobile carriers were ordered to pay nearly $13 billion in dues after the the Supreme Court threatened the companies and officials with contempt for failing to implement an earlier ruling.

On Saturday, Vodafone said it proposed making a payment in the next few days.

The shares of the company, which fell more than 24 per cent percent after Friday’s ruling, recovered on Monday to trade up 15 per cent by mid-morning.