Shares of Vodafone Idea dropped as much as 4.7% to Rs. 10.60 per share on the BSE ahead of its Q4 results for FY20 due to be announced later today. On the NSE too, the stock hit the day's low price of Rs. 10.60.
In the last 3 sessions, the counter ended higher and recovered significantly from Friday's low of Rs. 9.27 per share. On June 8, the stock hit a recent high of Rs. 12.60.
In the latest Supreme Court hearing on AGR case, the apex court asked telcos including Vodafone Idea and Bharti Airtel to furnish financial statements of the last ten years as telcos listed out points for not being in a position to furnish bank guarantees and sought 20 year timeframe for clearing their adjusted gross revenue (AGR) dues.
The next hearing on the matter is scheduled for July third week. The management commentary on the front will be crucial for investors.
Brokerages considering 12% increase in ARPU or average revenue per user are hoping for a 6% growth in the company's Q4 revenue on a sequential basis. Also, the loss at the company is expected to narrow done, with improved operational performance.
At 12:35 pm, the stock of Vodafone Idea traded lower by 3.15% or 0.35 at Rs 10.77 per share on the BSE.