Shares of telecom giant Vodafone Idea plunged over 39 per cent on Friday after Supreme Court’s dismissal of the AGR review petitions filed by telcos on its earlier Adjusted Gross Revenues (AGR) verdict.

Telecom giants including Bharti Airtel and Vodafone Idea had sought a review of apex court’s order delivered late last year asking them to pay Rs 1.47 lakh crore in past statutory dues by January 23 saying it did not find any “justifiable reason” to entertain them.

JM Financials in a report said that it expects a governmental intervention soon to ensure that Vodafone Idea Limited (VIL) would not have to approach the NCLT next week due to payment deadline.

“While total sector AGR dues are pegged at Rs 920 billion to 1,400 billion, we believe exposure to VIL remains the most concerning from banks point of view due to insufficient cash balance and cash flows, and lack of borrowing capacity to fund these dues,” JM Financials said.

The Nifty50 index was down 13.15% to 12,342.35 by 1237 hours, while the Sensex was up by 28.47% to 41,961.03.

Earlier in the day, Vodafone Idea on Friday plunged over 39.30% Rs 3.66 on the BSE. On the NSE, it plummeted 39.16 per cent to Rs 3.65. Whereas, Bharti Airtel was trading in the green after initial losses of 0.83 per cent on the BSE.

At 1242 Vodafone Idea was at Rs 4.59, down by 23.88%. on the BSE and on the NSE it was low by 23.33% at Rs 4.55.

Bharti Airtel, on the other hand, continued to gain at it was at Rs 501.90, up by 5.92% on NSE and on BSE it was at Rs 501.85, up by 5.86%.

With the Supreme Court dismissing its review petition on AGR dues, Bharti Airtel on Thursday said it is disappointed, and evaluating options to file a curative petition in the matter.

“While respecting the Supreme Court’s decision, we would like to express our disappointment as we believe the long standing disputes raised regarding the AGR definition were bonafide and genuine,” Airtel said in a statement

(With input from agencies)