Vodafone-Idea stock crashes by 20% after British parent gives up on it
- The stocks of Vodafone-Idea and Bharti Airtel crash after reports emerge that DoT asked them pay AGR dues.
- These dues amount to as much as ₹50,000 crore for Airtel and Vodafone Idea,
- Analysts have been expecting the government to spread these payments over a few years, offering relief.
- Last month, the Supreme Court held DoT claims to define aggregate gross revenue (AGR) to include non-telecom revenue as well.
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.
IANS earlier 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.
Whether you use Jio, Airtel, Vodafone-Idea, get ready to pay more for mobile services— sooner than later