Telecom stocks hang up
By
Ruma Dubey
about 5 years ago
Not a good day for the telecom stocks again. Vodafone Idea fell 40% to Rs.2.91; Bharti Airtel fell over 5% to Rs.431.25; Bharti Infratel slipped almost 17% to hit a new low at Rs.161.75.
The stocks fell after the Supreme Court said that self-assessment of the adjusted gross revenue (AGR) dues by the DoT would tantamount to contempt of court.
DoT had put in a plea seeking to allow telecom operators to make a staggered payment of their AGR dues.
A Bench of Justices Arun Mishra and M R Shah, hearing the DoT plea in the AGR matter, said if SC allowed a plea like this, it would also become party to a fraud.
The matter has now been deferred to be heard again after two weeks.