Vodafone Idea shares tank 8 pc

Shares of Vodafone Idea on Tuesday tumbled 8 per cent, a day after the Supreme Court said it was not reasonable to give 15 to 20 years period for paying AGR dues by telecom companies.

Shares of Vodafone Idea on Tuesday tumbled 8 percent, a day after the Supreme Court said it was not reasonable to give 15 to 20 years period for paying AGR dues by telecom companies. The stock tanked 8.08 percent to close at Rs 8.31 on the BSE. During the day, it plunged 9.84 percent to Rs 8.15.

On the NSE, it tumbled 7.69 percent to close at Rs 8.40. Bharti Airtel also declined 1.39 percent to close at Rs 567.75 on the BSE.

On Monday, the apex court made it clear that it will not hear "even for a second" the arguments on reassessment or re-calculation of the Adjusted Gross Revenue (AGR) dues of telecom companies which is about Rs 1.6 lakh crore. The apex court also said it was not a reasonable proposal that a period of 15 to 20 years is given to the telecom companies to pay AGR dues.

A bench of Justices Arun Mishra, S Abdul Nazeer, and M R Shah reserved the verdict on the issue of a timeline for staggered payment of AGR-related dues by telecom companies. Telecom companies, already hit by the intense competition that is hurting their earnings, are also facing increased financial stress due to AGR dues.