Vodafone Idea stock rises 17% on plea for extension of Jan 23 deadline to pay revenue dues

Vodafone Idea shares rose 17% in trade on Tuesday after the company along with other telcos filed a modification application in the Supreme Court, seeking more time to pay the adjusted gross revenue (AGR) dues to the government the deadline for which ends on January 23.

Following the latest news update, Vodafone Idea share price opened 9.8% higher at Rs 5.34. Later, the stock touched an intraday high of Rs 5.73, trading 17% higher on BSE against the previous close of Rs 4.86.

Volume-wise, 567 lakh and 4,205 lakh shares were trading on BSE and NSE, both above the 5,10 and 30-day average volume traded. Market depth data on BSE suggested 80% buyers bidding against 20% sellers offering the stock.

Vodafone Idea stock price has fallen 8% in one week, 14% in one month and 71% in an year. Vodafone Idea stock trades lower than its 5, 20, 50, 100 and 200-day moving averages.

Bharti Airtel, Vodafone Idea and Tata Teleservices filed applications in the Supreme Court seeking modification of the order on dues payment, after the dismissal of their review petition for payment of dues in the AGR case.

Shally Bhasin, partner at Agarwal Law Associates, representing Vodafone Idea, said that Vodafone does not have to pay AGR dues by January 23 and that the application for payment plan listed for next week will be heard by an appropriate bench.

"The application has been filed and the matter is likely to be heard on Tuesday," he added.

As per their petitions, the operators want to be allowed to negotiate conditions and schedules for payment of statutory dues with the Department of Telecommunications (DoT).

Last week, the apex court had dismissed review petitions filed by the telecom companies related to payment of pending AGR dues. Telcos had to pay nearly Rs 93,000 crore dues to the Department of Telecommunications by January 23.

Edited by Rupa Burman Roy

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