New Delhi: Shares of telecom giant Vodafone Idea Limited (VIL) rose more than 7 percent on Friday after the Supreme Court agreed to hear on September 26 its plea seeking quashing of additional adjusted gross revenue (AGR) demands for the 2016-17 period.
The stock closed 7.13 percent higher at ₹8.41 per share on the BSE. During the day’s trading, it rose 12.35 percent to ₹8.82.
On the NSE, it rose 7.14 percent to ₹8.40.
A bench of Chief Justice B.R. Gavai, Justice K. Vinod Chandran, and Justice N.V. Anjaria’s bench was hearing VIL’s fresh plea against the Department of Telecommunications’ (DoT) fresh demand of ₹5,606 crore for the financial year 2016-17.
Vodafone Idea has said that the dues have already been “liquidated” under the 2019 AGR judgment and cannot be reopened.
Solicitor General Tushar Mehta, appearing for the Centre, sought an adjournment, saying efforts were underway to find a solution with the company.
He said the government holds nearly 50 percent stake in Vodafone Idea, making it a direct stakeholder in the operator’s survival.
The law officer said, “Subject to your approval, a solution may have to be found. If it can be postponed until next week, we can find a solution.”
