Friday, Jun 05, 2020 | Last Update : 03:46 AM IST

72nd Day Of Lockdown

Maharashtra77793336812710 Tamil Nadu2725614901223 Delhi236459542615 Gujarat18609126671155 Rajasthan98577104213 Uttar Pradesh92375439245 Madhya Pradesh85882772371 West Bengal68762768355 Bihar4420212028 Karnataka4320161057 Andhra Pradesh4112252971 Haryana3281112324 Telangana31471587105 Jammu and Kashmir3142104835 Odisha247814819 Punjab2415204347 Assam19894434 Kerala158969015 Uttarakhand115328610 Jharkhand7642975 Chhatisgarh6781892 Tripura6221730 Himachal Pradesh3691636 Chandigarh3022225 Goa126570 Manipur124110 Puducherry90330 Nagaland8000 Arunachal Pradesh3710 Meghalaya33131 Mizoram1710 Sikkim200

Vodafone Idea shares crumble over 27 pc in intra-day trade after SC order

PTI
Published : Oct 24, 2019, 5:03 pm IST
Updated : Oct 24, 2019, 5:03 pm IST

Vodafone Idea plummeted 23.36 pc to close at Rs 4.33 on the BSE. In intra-day, it tanked 27.43 pc to Rs 4.10 -- its 52-week low.

Led by the sharp fall in its shares, Vodafone Idea witnessed an erosion of Rs 3,792.58 crore from its market valuation which is now at Rs 12,442.42 crore.
 Led by the sharp fall in its shares, Vodafone Idea witnessed an erosion of Rs 3,792.58 crore from its market valuation which is now at Rs 12,442.42 crore.

New Delhi: Shares of Vodafone Idea crashed over 27 per cent during the day on Thursday after the Supreme Court allowed the Centre's plea to recover adjusted gross revenue (AGR) of about Rs 92,000 crore from telecom service providers.

Vodafone Idea plummeted 23.36 per cent to close at Rs 4.33 on the BSE. During the day, it tanked 27.43 per cent to Rs 4.10 -- its 52-week low. Led by the sharp fall in its shares, Vodafone Idea witnessed an erosion of Rs 3,792.58 crore from its market valuation which is now at Rs 12,442.42 crore.

Bharti Airtel also tumbled 9.68 per cent to Rs 325.60 during the trade. But, later it bounced back and closed 3.31 per cent higher at Rs 372.45. In a setback to telecom service providers, the Supreme Court on Thursday allowed the Centre's plea to recover AGR of about Rs 92,000 crore from them.

Industry body COAI said the ruling will deal a "disastrous blow" to the industry, given its precarious financial condition. The decision will have a big impact on the sector as it is already in the state of huge financial distress, Prashant Singhal, Emerging Markets TMT Leader, EY, said.

Bharti Airtel on Thursday said the Supreme Court verdict on adjusted gross revenue will weaken viability of telecom sector, and the government must review its impact and find ways to mitigate financial burden on the already stressed industry.

Tags: vodafone idea, supreme court, adjusted gross revenue, bse, bharti airtel, coai, telecom
Location: India, Delhi, New Delhi
ADVERTISEMENT
ADVERTISEMENT