Vodafone Idea reduces loss to Rs 7,176 crore in July-Sept quarter
Vodafone Idea has reduced its losses to Rs 7,176 crore in the July-September quarter of the current financial year from Rs 8,738 crore in the same quarter last year.
E-commerce giant Amazon and Verizon, largest wireless carrier in the US, may invest more than $4 billion for a significant stake in the troubled Vodafone Idea, according to a report from Mint Thursday, which cited sources familiar with the matter.
The talks were put at a halt because of the Supreme Court case on staggering payment of Adjusted Gross Revenue (AGR) dues to the Department of Telecommunication, which created uncertainty in the market and threatened the survival of the telco, Mint said quoting its sources.
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On Tuesday, the apex court gave a 10-year timeline to the telcos to repay their dues, with an upfront payment of 10 per cent by March 31, 2021.
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With the verdict on the matter being delivered, Amazon and Verizon are likely to resume their talks with the telco.
However, post the verdict, shares of the telco dropped over 17 per cent on Tuesday to end 13 per cent lower at Rs 10.70.
Meanwhile, Vodafone Idea Board is set to meet on Friday to consider fundraising through various means.
The company reported a consolidated net loss worth Rs 25,460 crore for the April-June quarter, against Rs 4,573.9 crore for the corresponding quarter a year ago. The exceptional items, which added to the loss, include integration and merger-related cost, provisions, licence fees and SUC on AGR and one-time spectrum charges, including interest.
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