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Vodafone Idea Jump 17% After Telecom Companies Jointly Approach SC On AGR
Shares in Vodafone Idea saw some recovery in trade on Tuesday with the stock jumping as much as 15% after Vodafone Idea, Airtel and Tata jointly approached the Supreme Court for extension in payment of AGR dues which are due on Thursday.
As per their joint petition, the telecom operators want to negotiate in respect of terms and conditions in relation to payment of statutory dues with the DoT. Further it said that in case no relief is granted it will be forced to shut down its operations.
"If a suitable and appropriate arrangement is not made available, it will lead to immediate closure of one of the oldest and largest telecom companies in India", it said in its plea.
Last the stock quoted higher by 16.46% at Rs. 5.66 on the BSE.
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