Supreme Court on Friday came down heavily on the telecom companies for non-compliance of its earlier order in the adjusted gross revenue (AGR) case.
Vodafone Idea and other telecos. (Photo: AFP)
Shares of Vodafone Idea (VIL) on Friday tumbled nearly 19 per cent 2:14 PM after the company reported widening of losses to Rs 6,438.8 crore in the third quarter of 2019-20.
The scrip tanked 18.30 per cent to Rs 3.66 on the BSE.
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On the NSE, it dropped 18.88 per cent to Rs 3.65.
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Supreme Court on Friday came down heavily on the telecom companies for non-compliance of its earlier order in the adjusted gross revenue (AGR) case.
Vodafone Idea on Thursday reported widening of losses to Rs 6,438.8 crore in the third quarter of 2019-20 against Rs 5,004.6 crore a year ago, as the telco continued to sound out warnings on “material uncertainty” casting “significant doubt” on its ability to continue as going concern.
The top court had asked the telcos to pay Rs 1.47 lakh crore to the Department of Telecom (DoT). On Friday it summoned their top executives to court to explain why its order on clearing dues was not followed.
However, Bharti Airtel and Reliance Industries which owns Jio managed to trade in the green after the court’s strictures.
A bench headed by Justice Arun Mishra also warned the telecom companies that the court may initiate contempt proceedings against them and government officials for not complying with its order.
The top court has ordered the managing directors of Bharti Airtel , Vodafone, MTNL, BSNL, Reliance Communications, Tata Telecommunication and others to be present in the court on March 17.
The top court also directed the Centre to immediately withdraw order passed by its desk officer to not take coercive action against the telecom companies.
(With input from agencies)
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