shares declined 2.49 per cent to ₹9.38 on Monday morning as the Supreme Court commenced hearing on the telecom operator’s plea to quash additional adjusted gross revenue (AGR) dues of ₹9,450 crore. The stock opened at ₹9.62 and touched an intraday high of ₹9.80 before falling to ₹9.28.
A bench comprising Chief Justice B R Gavai and Justices K Vinod Chandran and Vipul M Pancholi is hearing the case, which was deferred from October 13 after the Centre sought more time. Vodafone Idea has challenged the Department of Telecom’s demand for ₹5,606 crore in additional AGR dues for the period up to FY2016-17, arguing it falls outside the scope of the Supreme Court’s 2019 ruling.
The Centre, which holds a 49 per cent stake in Vodafone Idea following a ₹53,000 crore debt-to-equity conversion in 2021, had earlier indicated efforts were underway to reach a resolution. Reports suggested the government is considering a one-time settlement involving waiver of interest and penalties.
However, in August, Union minister Chandra Sekhar Pemmasani ruled out extending further relief to the debt-laden company. The stock traded with heavy selling pressure, with sell quantity at 10.05 crore shares against buy quantity of 4.03 crore shares.