Vodafone Idea Shares Tumble After Court Hearing

New Delhi Sep 26 (PTI) Shares of Vodafone Idea tumbled nearly 8 per cent on Friday after the Supreme Court deferred to October 6 the hearing on the company's plea seeking quashing of the additional adjusted gross revenue (AGR) demands for the period until 2016-17.

The stock dived 7.60 per cent to settle at Rs 8.02 on the BSE. During the day, it tumbled 8.98 per cent to Rs 7.90.

At the NSE, the stock tanked 7.60 per cent to Rs 8.02.

A bench comprising Chief Justice B R Gavai and Justices K Vinod Chandran and NV Anjaria was urged by Solicitor General Tushar Mehta, appearing for the Centre, the plea, which was listed for hearing during the day, be listed on reopening of courts after Dusshera break. The bench allowed and deferred the hearing to October 6.

Vodafone Idea Ltd (VIL) has filed a fresh plea against the Department of Telecommunications' (DoT) fresh demand of Rs 5,606 crore relating to the financial year 2016–17.

Earlier, the Centre had said that efforts were underway to arrive at a resolution with the company.

The law officer said the government held nearly 50 per cent equity in Vodafone Idea, making it a direct stakeholder in the operator's survival.

“Some solution may have to be found out, subject to your lordship's approval. If it can be kept next week, we can think of some solution,” the law officer said.

The VIL has sought a direction to the DoT to "comprehensively re-assess and reconcile all AGR dues for the period up to FY 2016-17 following the 'Deduction Verification Guidelines'" dated February 3, 2020.