Shares of Vodafone Idea Limited crashed nearly 15 per cent on Thursday after the Supreme Court adjourned the hearing of the adjusted gross revenue (AGR) case for a week till June 18.
The hearing is extremely vital for the telecom companies, especially for Vodafone Idea, as it would decide if they’re are allowed to pay their mammoth AGR dues worth Rs 1.43 lakh crore over 20 years.
A bench of Justices Arun Mishra, S Abdul Nazeer and M R Shah asked the telcos to file a reply on the roadmap of payment in a period of five days.
Vodafone Idea told the court that its dues are massive and would not be able to submit the asked affidavit in 3-4 days.
Highlighting its financial crisis the troubled telecom operator said that it does not have enough money to pay salaries to its employees and is inable to issue bank guarantees of Rs 50,000 crore.
Meanwhile, at 3.10 pm, shares of Vodafone Idea crumbled to Rs 9.23, down by 14.70 per cent on the BSE. Similarly, on the NSE it slipped by 14.75 per cent at Rs 9.25.
Similarly, Bharti Airtel shares dropped to Rs 551.10, down by 2.85 per cent on the BSE and it was at Rs 551.70, plunged by 2.72 per cent on the NSE.
As per the reports, Bharti Airtel had already paid Rs 13,000 crore as AGR dues so far, and Vodafone Idea has paid Rs 3,500 crore.
On March 16, the DoT, had sought staggered payment over 20 years of AGR dues by telecom companies as immediate payment could result in possible bankruptcies.