Vodafone Idea share price saw huge swings from a high of ₹ 5.7 to touch a low of ₹ 2.7. The fall in the share price came on the back of an order by the Supreme Court (SC) order, which said that no self assessment of AGR dues will be allowed. The share price of Vodafone Idea had nearly double from a low of ₹3 at the start of March to touch a high of ₹7 this week on the back of hopes that company will be allowed self assessment of its AGR dues.
The government assessment of Vodafone Idea’s AGR dues is to the tune of ₹52,000 crore versus the company’s assessment of around ₹21,000 crore. Vodafone Idea has said that they have paid full AGR dues without the interest and penalty.
Further hope for Vodafone Idea now remains on government giving it more time to pay its AGR dues. The Government has already proposed giving 20-year period for payment of AGR dues and even extend 15 per cent loan to the company from state run banks. SC will hear this plea in two weeks. If the SC says that government should change its law to allow extended time to telecom companies to pay AGR dues, it could spell some renewed hope for Vodafone Idea.
Share price of Bharti Airtel and Reliance Industries, which runs Jio rose between 0.5 to 1. per cent on anticipation that they will be the only two players who will remain in the field.