Vodafone Idea, Indus Towers shares plummet 15% as Supreme Court upholds AGR ruling

Telecom stocks faced selling pressure during September 19 trade as the Supreme Court rejected telecommunication companies’ plea for the re-computation of adjusted gross revenue (AGR) dues.Bharti Airtel and Vodafone Idea were among the telcos to have filed the curative petition, alleging grave error in the calculation of dues the department of telecommunication.Shares of debt-laden telecom operator Vodafone Idea crashed over 15 percent. At 12.45 pm, Vi shares were quoting Rs 11.41 apiece on the NSE. Meanwhile Indus Towers’ stock price which had plummeted over 14 percent, trimmed losses to quote Rs 397, down 7.5 percent.Bharti Airtel shares were quoting Rs 1,701 apiece, up two percent on the NSE.On August 28, 2024, Indus Towers’ board approved a share buyback of 5.67 crore shares, which will increase Bharti Airtel’s stake in the company to over 50 percent. This will made Indus Towers a subsidiary of Bharti Airtel.