Vodafone Idea shares fall as SC hearing on AGR dues
Vodafone Idea's stock dropped 1.5% on Monday as the Supreme Court postponed its verdict on the company's challenge to ₹9,450 crore in extra adjusted gross revenue (AGR) dues.
The hearing, first set for October 6, was postponed at the government's request, with Vodafone Idea's counsel stating they did not object and jokingly mentioning a desire to celebrate Diwali.
Company disputing DoT demand for more AGR dues
The company is fighting a Department of Telecommunications (DoT) demand for more AGR dues, saying it goes beyond what the Supreme Court decided back in 2019.
The disputed amount includes ₹2,774 crore from post-merger accounts (FY2018-19) and ₹5,675 crore from pre-merger Vodafone Group days.
Vodafone Idea also wants a fresh review of older dues before FY2017.
Government owns almost half of Vodafone Idea
The government owns almost half of Vodafone Idea after converting ₹53,000 crore in dues to equity in 2021 and has said no more relief is coming.
Still, there are reports that officials might allow a one-time settlement—possibly waiving interest and penalties—to help resolve things.
The next court date is October 13.