Vodafone Idea plummets over 9% to hit 52-week low

FILE PHOTO: A hotel employee clears a table after Vodafone Group and Idea Cellular news conference in Mumbai, India March 20, 2017. REUTERS/Danish Siddiqui/File Photo

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.

Also Read

Explained | Vodafone and Airtel's historic losses

 

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).