Shares of Vodafone Idea on Thursday fell over 9% in early trade after Care downgraded its rating citing the recent Supreme Court ruling on adjusted gross revenue (AGR) issue.
Shares of the telecom operator slumped 8.66% to ₹3.48 apiece — its 52-week low — on the BSE.
Similarly, the stock declined 9.2% to ₹3.45 on the NSE.
Vodafone Idea had 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 lnfratel.
According to the telecom department’s initial calculations, Vodafone Idea may have to pay about ₹40,000 crore, while Bharti Airtel faces a liability of around ₹42,000 crore (including licence fees and spectrum usage charges).
