Vodafone Idea Shares Jump After Supreme Court Ruling
Vodafone Idea shares surged nearly 10% in intraday trade after the Supreme Court allowed the Central government to reconsider the company's adjusted gross revenue (AGR) dues.
The apex court's decision is seen as a key breather for the debt-ridden telecom operator, which has been struggling under the burden of massive AGR liabilities for years.
The AGR matter falls within the Centre's policy domain, giving the government the freedom to relook into Vodafone Idea's request for reassessment.
The court made it clear that there is "no impediment" to the Union government taking an appropriate decision in the case, potentially leading to a reduction in dues for Vodafone Idea.
- Vodafone Idea shares jumped 9% after the Supreme Court ruling
- The company has been struggling with massive AGR liabilities for years
- The government may reconsider Vodafone Idea's request for reassessment
Author's summary: Vodafone Idea shares rise after Supreme Court ruling on AGR dues.