Shares of Vodafone Idea plunged after the media reports said that the Supreme Court (SC) on Thursday has dismissed petitions of telecom operators seeking review of the definition of ‘adjusted gross revenue’ that makes them liable to pay thousands of crores in pending dues.

Reacting to this news, the stock has extended its losses, down more than 28% on the NSE in the morning session.

Vodafone Idea said in a statement to the stock exchanges that it "is exploring further options, including the filing of a curative petition".

The deadline for telecom companies to meet the license fee dues as per the apex courts AGR judgement is January 23, 2020.

On December 2019, Aditya Birla Group Chairman Kumar Mangalam Birla said the group’s telecom unit, Vodafone Idea, would have to “shut shop" if there was no relief from the government following the AGR verdict.

Also, Vodafone Idea has lost a maximum of 3.6 cr wireless subscribers and user base shrunk 9.77% in November.

Further, Bharti Infratel slumped 9%, however, Bharti Airtel gained 4% and RCom rose 4.5% on the BSE

Stock view:

Vodafone Idea Ltd is currently trading at Rs4.29, down by Rs1.74 or 28.86% from its previous closing of Rs6.03 on the BSE.

Bharti Airtel Ltd is currently trading at Rs492, up by Rs17.95 or 3.79% from its previous closing of Rs474.05 on the BSE.

Bharti Infratel Ltd is currently trading at Rs221.15, down by Rs21.7 or 8.94% from its previous closing of Rs242.85 on the BSE.

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