Vodafone Idea Shares Rise After Supreme Court Ruling
Vodafone Idea shares jumped 9% after the Supreme Court allowed the government to reconsider AGR dues.
The company's share price surged nearly 10% in intraday trade following the court's decision to permit the Central government to reassess the company's adjusted gross revenue (AGR) dues.
The AGR matter falls within the Centre's policy domain, giving the government the freedom to relook into Vodafone Idea's request for reassessment.
The Supreme Court observed that there is "no impediment" to the Union government taking an appropriate decision in the case, potentially opening the door for a reduction in dues for Vodafone Idea.
This development is seen as a key breather for the debt-ridden telecom operator, which has been struggling under massive AGR liabilities for years.
Author's Summary
Vodafone Idea shares rise 9% after Supreme Court ruling on AGR dues.
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