Shares of Bharti Airtel in early trade declined by as much as 3% after the company today deferred announcement of its Q2 results for FY20 as it seeks more clarity on adjusted gross revenue (AGR) ruling after the recent SC judgement. The results have been postponed till November 14.
"Please be informed that the management of the Company recommended to the Board of Directors that the agenda item related to the approval of audited financial results for the second quarter (Q2) and half year ended September 30, 2019 which was to be a part of the Board meeting today be deferred till November 14, 2019 on account of the fact that more clarity is needed on the AGR matter arising out of recent judgement of Hon'ble Supreme Court," Airtel said in a BSE filing.
The telecom major said it is approaching Department of Telecom for more clarification on overall amount involved as well as request them for their cooperation in dealing with this unpleasant verdict.
Last week, the SC allowed the Centre's plea for recovering adjusted gross revenue (AGR) totalling to Rs. 92,000 crore from telecom operators.
The stock of Bharti Airtel last quoted lower by 3.77% or Rs. 14.05 at Rs. 358.60 per share on the BSE.