Vodafone Idea shares soar on SC's AGR dues reconsideration order
Vodafone Idea's stock jumped over 13% on Monday, reaching a 52-week high, after the Supreme Court said the government can rethink its demand for extra AGR dues from the company for the period up to FY2016-17.
This move could be a much-needed boost for Vodafone Idea, which has been struggling with huge debts and financial uncertainty.
Court's decision could lead to a positive turnaround
The court's decision is good news for investors and Vodafone Idea's 200 million+ users.
By allowing the government to revisit its dues demand, there's now a real chance for relief—especially since the government itself owns nearly half of Vodafone Idea.
The court noted the company's large customer base and the potential impact on consumers.
'Peculiar facts' prompt court to allow government to rethink dues
Chief Justice BR Gavai pointed to "peculiar facts" like the government's stake in Vodafone Idea and public interest as reasons to allow reconsideration.
Issues like duplicate billing were raised by the Solicitor General as well.
Now, with more hearings possible, there's hope that Vodafone Idea might finally get some breathing room in India's tough telecom scene.