Vodafone Idea Shares Soar as Supreme Court to Hear AGR Plea

Vodafone Idea Ltd's shares climbed over 7% after the Supreme Court set a hearing date for the company's plea to dismiss revised AGR demands. The plea challenges a new demand by DoT for Rs 5,606 crore from 2016-17. Government talks are ongoing to resolve the issue.

Vodafone Idea Ltd witnessed a significant boost on Friday, with shares rising over 7% as the Supreme Court agreed to review a plea concerning AGR demands dating back to the 2016-17 period.

The telecom company's stock shot up 7.13% to close at Rs 8.41 on BSE, reaching highs of Rs 8.82 during the trading day. Similarly, on NSE, the shares increased by 7.14% to Rs 8.40.

The company is contesting a new Rs 5,606 crore demand by the Department of Telecommunications, a move VIL claims was resolved by the 2019 AGR ruling. The government, which holds a significant equity stake in VIL, is engaging in ongoing discussions to find a feasible resolution.

(With inputs from agencies.)