3 reasons why Vodafone Idea will file for bankruptcy; 3 reasons why it should be kept alive
In the middle of action-packed two hours, Vodafone Idea announced its Q2 results where it posted net losses of Rs 50,922 crore, which is over 10 times higher than the losses in the previous quarter
- Nov 14, 2019,
- Updated Nov 14, 2019 10:04 PM IST
The last 48 hours have been action-packed for the beleaguered Vodafone Idea, the largest telecom operator in India with 375 million subscribers. After threatening to pull out of the country, the Vodafone CEO Rick Read has reportedly apologised to the Prime Minister Narendra Modi and squarely blamed the media for presenting distorted coverage of his comments. Read reportedly wrote to the PM expressing his gratitude to the government for designing a relief package in the wake of Supreme Court's judgment on adjusted gross revenues (AGR) asking telcos to pay up over Rs 92,000 crore to the Department of Telecommunications (DoT). In the middle of this commentary, the telco announced its second quarter results for 2019/20 in which it posted net losses of Rs 50,922 crore, which is over 10 times higher than the losses in the previous quarter. Vodafone Idea rival Airtel too posted phenomenal net losses of Rs 23,045 crore in the September quarter by way of provisioning for one-time AGR hit.
Airtel, Vodafone Idea, MTNL stocks fall as DoT pressure to pay up AGR dues mounts
The last 48 hours have been action-packed for the beleaguered Vodafone Idea, the largest telecom operator in India with 375 million subscribers. After threatening to pull out of the country, the Vodafone CEO Rick Read has reportedly apologised to the Prime Minister Narendra Modi and squarely blamed the media for presenting distorted coverage of his comments. Read reportedly wrote to the PM expressing his gratitude to the government for designing a relief package in the wake of Supreme Court's judgment on adjusted gross revenues (AGR) asking telcos to pay up over Rs 92,000 crore to the Department of Telecommunications (DoT). In the middle of this commentary, the telco announced its second quarter results for 2019/20 in which it posted net losses of Rs 50,922 crore, which is over 10 times higher than the losses in the previous quarter. Vodafone Idea rival Airtel too posted phenomenal net losses of Rs 23,045 crore in the September quarter by way of provisioning for one-time AGR hit.
Airtel, Vodafone Idea, MTNL stocks fall as DoT pressure to pay up AGR dues mounts