Vodafone Idea's stock drops 3% after 8-day rally
Vodafone Idea's stock dropped 3% to ₹7.90 on Monday, snapping an eight-day winning streak where it had jumped over 23%.
The recent excitement was all about a Supreme Court hearing set for September 19 on the company's adjusted gross revenue (AGR) dues.
What's the big court case about?
This court case is a big deal for Vodafone Idea—it's fighting an extra ₹9,450 crore AGR bill from the Department of Telecommunications.
The company says this demand goes beyond what courts have decided before.
The government's pause on AGR payments is currently under discussion, so repayments will kick in after that.
Market cap slips to ₹85,300 crore
With investors cashing out some profits, Vodafone Idea's market cap has slipped to about ₹85,300 crore.
Its price-to-book ratio is still negative at -0.82, showing ongoing financial struggles.
Over the past year, the stock has swung between ₹6.12 and ₹13.50—a reminder of just how volatile things have been.