SC Verdict On Telcos Shakes Market

New Delhi, June 11: Shares of Vodafone Idea and Bharti Airtel fell on Thursday, with the former tumbling 13 per cent, on a day when the Supreme Court asked private telecom operators to furnish undertakings and file affidavits giving a road map for clearing the adjusted gross revenue (AGR)-related dues.

The Supreme Court asked private telecom operators to furnish undertakings and file affidavits giving a road map for clearing the AGR-related dues, as Vodafone Idea said it does not have enough money to even pay salaries to its employees.

Vodafone Idea Ltd's shares tumbled 13.22 per cent to close at Rs 9.39 on the BSE. During the day, it dropped 14.97 per cent to Rs 9.20.

Bharti Airtel also fell 2.76 per cent to close at Rs 551.60. During the day, it declined 3.61 per cent to Rs 546.75.

Bharti Airtel told the top court that it has paid 70 per cent dues as per its own calculations and the rest would be cleared after consulting the government.

"On the domestic front, telecom's AGR case in the Supreme Court remained the highlight of the day. The next hearing will be held on June 18. Till then, the apex court has directed the telcos to file a reply on the road map of payment and time needed to pay the remaining dues," said Siddhartha Khemka, head (retail research) of Motilal Oswal Financial Services.