Government cut Vodafone Idea AGR dues 27% and shares jump
Business
Vodafone Idea got a boost on Tuesday, with its shares rising over 4% after the government cut its adjusted gross revenue (AGR) dues by 27%.
Now, the company owes ₹64,046 crore instead of ₹87,695 crore, a big relief that sparked fresh optimism among investors.
This move is part of ongoing efforts to help Vodafone Idea manage its massive statutory payments.
Vodafone Idea to pay ₹100cr yearly
To tackle these dues, Vodafone Idea will pay at least ₹100 crore each year from FY 2031-32 to FY 2034-35. After that, the rest will be split into six equal installments through FY 2040-41.
Investors seemed pretty happy about this clearer payment plan and reduced bill. The stock was trading at ₹10.65 by Tuesday morning.