Industry

Vodafone Idea tanks 40% after SC says all dues needs to be paid with interest and penalty

The company on Monday paid ₹3,354 crore to the Department of Telecommunications.

Shares of Vodafone Idea tanked as much as 40% to touch ₹2.91 on Wednesday after Supreme Court directed that self-assessment of adjusted gross revenues (AGR) dues is violation of SC order and no exercise of self-assessment be carried out and no further objection would be entertained against payable dues.

Shares of Vodafone Idea were trading down 28.66% at ₹3.46 in a weak Mumbai market on Wednesday noon.

In its order, the three-judge bench led by Justice Mishra, and comprising Justices S. Abdul Nazeer and M.R. Shah held that no self-assessment can be done and no further objection would be entertained.

The company on Monday paid ₹3,354 crore to the Department of Telecommunications (DoT) being the balance part of the principal amount towards adjusted gross revenue (AGR) liability, according to its self assessment of the dues.

Vodafone Idea recently computed its AGR dues at ₹21,533 crore, way below the over ₹58,000 crore pegged by the Department of Telecommunications (DoT).

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Printable version | Jul 12, 2020 8:47:16 AM | https://www.thehindu.com/business/Industry/vodafone-idea-tanks-40-after-sc-says-all-dues-needs-to-be-paid-with-interest-and-penalty/article31097516.ece

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