Vodafone Idea Shares Crashed by 20% Airtel Decline by 5%
Vodafone Idea lost over 20 per cent during the early trade on Thursday on reports that the Department of Telecommunications asked the telecom firms to pay their revenue share dues within three months.
Bharti Airtel also saw heavy selling pressure, falling over 5 per cent. However, it recovered later to trade at Rs 363.15 apiece, down 1.45 per cent.
Earlier it was reported that the Department of Telecommunications (DoT) on Wednesday sent notices to the telcos, asking them to pay the Adjusted Gross Revenue (AGR) dues on a self-assessment basis within the next three months.
“It’s the responsibility of the licensee to pay the licence fees and other dues after carrying out their own assessment as prescribed in the licence agreements. You are therefore directed to make the payment in accordance with the order of the Supreme Court of October 24 and submit the requisite documents to ensure compliance within the stipulated timeframe,” said the letter issued to telcos by the DoT.
The DoT further said that the Supreme Court in its final judgement of October 24 had disposed of the AGR matter with the order that the appeals of the licensees were dismissed.
