Vodafone tanks 11% on AGR case

Published On: Thursday, June 11, 2020 | By: Team KnowMyStock

The Supreme Court on Thursday directed telecom companies to file a reply on the roadmap and timeline of payment of adjusted gross revenue (AGR) dues and securities they can provide as a guarantee. The Supreme Court adjourned the hearing on the adjusted gross revenue (AGR) issue until June 18. The apex court's order came on telecoms' plea that they are allowed to spread the payment of their dues over 20 years or less. Vodafone Idea submitted before the court that dues are huge and the firm would not be able to file the affidavit in 3-4 days. The telco said it does not even have enough money to pay salaries to employees and meet expenses. The company also expressed its inability to give any bank guarantee of Rs 50,000 crore at this point. Vodafone Idea tells Supreme Court that the best reassurance is that licence, the spectrum can be cancelled if we don’t pay.As per the government’s calculation, Vodafone Idea owes Rs 53,000 crore, that includes interests and penalties for non-payment.

So far, the company has paid Rs 6,900 crore. As per DoT, it still has to pay Rs 46,100 crore

Closing Bell: Sensex gains 85 points, Nifty at 18755.90

Closing Bell:Sensex gains 418 points, Nifty at 18716.15

MARKET UPDATE: Sensex rose 135 points to 62761, and the NSE Nifty50 moved 40 points higher to 18,600

Closing Bell: Sensex down 223 points, Nifty at 18,563

MARKET UPDATE: Sensex surged over 100 points to trade around 62,962 levels, whereas Nifty50 climbed over 30 points to trade above 18,650 levels

MARKET UPDATE: Sensex gained over 50 points to trade around 63,228 levels, whereas Nifty50 traded marginally above 18,700 levels

MARKET UPDATE: Sensex surged over 150 points to trade around 62,988 levels, whereas Nifty50 gained over 50 points to trade above 18,650 levels

MARKET UPDATE: Sensex traded flat at 62,777 levels, whereas Nifty50 was flat above 18,600 levels

Closing Bell: Sensex up 240 points, Nifty at 18593.85

MARKET UPDATE: Sensex rallied over 300 points, whereas Nifty50 gained over 50 points to trade above 18,600 levels

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