Market hangs up on Idea

Vodafone Idea is among the top five losers on the BSE; from its close of Rs.11.22, it opened at the same level and soon dropped to an intraday low at Rs.10.85.

The company informed the stock exchanges today that the Department of Telecommunication (DoT) has disposed-off the company’s representation and objections in respect of license fee demand of Rs. 1,749 crore and Rs. 1,524 crore respectively (including Interest till 31.03.2023) for Financial Year(s) 2015-16 and 2016-17.

The company said that it has in the past written to DoT to correct the errors in demands up to FY 2016-17 which DoT has not acted upon so far. If however, it is permissible for DoT to modify the demands for the period covered by the Judgment of the Hon’ble Supreme Court, then in that event there are various errors which need to be corrected and which would reduce the demand crystallized by Hon’ble Supreme Court. A review petition was filed by the company seeking directions from the Hon’ble Supreme Court to carry out correction of these errors and the same continues to be pending. In this light, the company is studying the above communication to decide the next course of action.