Comments
Shares of Vodafone Idea on Tuesday tanked over 16 per cent due to rating downgrade on AGR dues and other issues of the company.
On the BSE, the stock plunged 14.91 per cent to trade at ₹2.91 in early market hours. Later it was trading with a loss of 8.77 per cent at ₹3.12. The scrip plummeted to a low of ₹2.85, down 16.17 per cent, on the NSE. It was trading 7.35 per cent lower at ₹3.15.
On Monday, Vodafone Idea said that Care Ratings has downgraded rating on its long-term bank facilities and non-convertible debentures.
The downgrade is on account of “significant erosion” in the overall risk profile of the company in the wake of absence of relief on modification plea relating to AGR dues on February 14.
It also takes cognizance of recent losses suffered by the company in the quarter ended December.
In a separate filing, Vodafone Idea had said its board has authorised the company to immediately pay ₹2,500 crore, a portion of its statutory dues, to the telecom department on Monday. The company also promised to pay another ₹1,000 crore before the end of the week.
Meanwhile, shares of Bharti Airtel lost 1.82 per cent to trade at ₹554.70 apiece on the BSE. On Monday, Airtel said that it has paid ₹10,000 crore to the DoT towards statutory dues.
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.