Shares of Vodafone Idea and Bharti Airtel turned flat in trade on Tuesday after rising in early deals following the Bombay High Court’s decision to set aside the Centre’s retrospective levy of one-time spectrum charges on telecom operators for spectrum held beyond 6.2 MHz between 2008 and 2012.
The ruling is expected to provide relief of over ₹24,000 crore to the telecom companies.
Vodafone Idea shares rose as much as 3 per cent to ₹14.85 on the NSE, while Bharti Airtel gained over 1 per cent to ₹1,837 in early trade. However, both stocks erased gains and were trading flat around 10.10 am.
The Bombay High Court on Monday said the Centre retrospectively and alter the financial terms of telecom licences after allocation. The ruling brings closure to a 13-year legal dispute involving telecom operators and the government.