AGR dues: Telecom shares crack after SC pulls up Centre, telcos; Vodafone Idea plunges 40%, Bharti Airtel down 5%
Telecom shares came crashing on Wednesday, led by Vodafone Idea which plunged 40 percent, after the Supreme Court pulled up the Centre and telcos for doing self-assessment or reassessment of the AGR dues fixed by the apex court
New Delhi: Telecom shares came crashing on Wednesday, led by Vodafone Idea which plunged 40 percent, after the Supreme Court pulled up the Centre and telcos for doing self-assessment or reassessment of the AGR dues fixed by the apex court.
Vodafone Idea plunged 40 percent to Rs 2.91 and Bharti Airtel declined 5 percent to Rs 431.25 on the BSE. Both the companies erased their early gains and were trading with losses.
Supreme Court Order On #AGR Case |
Actions of telecom companies are tantamount to seeking to bypass our judgment. Court says no further objection will be entertained pic.twitter.com/V3ZHzNaEtR
— CNBC-TV18 (@CNBCTV18Live) March 18, 2020
The Supreme Court on Wednesday pulled up the Centre and telecom companies for doing self-assessment or reassessment of the Adjusted Gross Revenue (AGR) dues fixed by the apex court in its verdict given on 24 October last year.
The apex court, which was also anguished by frequently published newspaper articles on the AGR issue, said all managing directors of telecom companies will be personally responsible and will be held for contempt of court for any such future newspaper articles.
The apex court, however, cited the dormant Article 224A to allow the appointment of retired judges for a period of two to three years to clear the backlog of cases
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