Vodafone Idea surges 48% on hopes of a revival

Mumbai: Shares of Vodafone Idea gained as much as 48% on Wednesday, a day after chairman Kumar Mangalam Birla met government officials on issues pertaining to adjusted gross revenue (AGR) dues.

The telco paid ₹2,500 crore towards its AGR dues on Monday and will pay another ₹1,000 crore by the end of this week.

Today, the stock closed at ₹4.21 apiece, up nearly 39% from previous close. Peer Bharti Airtel fell 0.6% to ₹544.50. In the last three months, Vodafone Idea has shed over 31%, while Bharti Airtel has gained 23%.

Vodafone Idea was the worst hit by the Supreme Court’s order last week that directed telcos to pay up AGR dues before the next hearing on 17 March. In a sign of relief, reports indicate, the government may not invoke the company’s bank guarantees.