Comments
Shares of Vodafone Idea on Thursday fell over 9 per cent 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 per cent to Rs 3.48 apiece - its 52-week low - on the Bombay Stock Exchange (BSE).
Similarly, the stock declined 9.2 per cent to Rs 3.45 on the National Stock Exchange (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.
Read: Supreme Court ruling on AGR may prove a death blow for telcos
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).
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.