Voda-Idea shares recover losses, settle higher over 2 pc

Shares of Vodafone Idea on Thursday settled in green after declining over 13 percent in day trade following a rating downgrade by Care Ratings. The shares of the telecom operator ended up by 2.10 percent at Rs 3.89 apiece. Intra-day, the stock slumped 13.12 percent to its 52-week low of Rs 3.31 apiece on BSE.

The stock gained 1.32 percent to Rs 3.85 at close on NSE. During the day, it declined from 13.15 percent to Rs 3.30 on the bourse. Vodafone Idea on Wednesday said Care Ratings has downgraded its rating on 'long-term bank facilities' and non-convertible debentures', citing the recent court ruling on the AGR, and extension of timelines with regard to sale of Indus Tower stake to Bharti infrared.

According to the telecom department's initial calculations, Vodafone Idea may have to pay about Rs 40,000 crore, while Bharti Airtel faces a liability of around Rs 42,000 crore (including licence fees and spectrum usage charges).