Vodafone Idea shares tank 10% after SC rejects AGR plea; Airtel pares gains

In a major setback for telecom companies, the Supreme Court on Thursday dismissed a batch of curative petitions filed by telecom giants, including Vodafone Idea (Vi) and Bharti Airtel, in the ongoing Adjusted Gross Revenue (AGR) dispute. The pleas aimed to rectify what the companies called ‘arithmetical errors’ in the Department of Telecommunications' (DoT) calculation of AGR dues, reported The Economic Times.

A bench comprising Chief Justice DY Chandrachud, and Justices Sanjiv Khanna and BR Gavai rejected the petitions, dealing a blow to the already struggling telecom sector. Curative petitions, the final legal remedy available to litigants, are rarely entertained by the top court, and this case was no exception.

Following the ruling, Vodafone Idea’s shares nosedived, plunging nearly 10 per cent to Rs 11.61 as of 11.45 am, down from an opening price of Rs 13 on Thursday. The market reacted sharply to the decision, reflecting investor concerns over the company’s financial health.