Canindia News

Vodafone Idea plunges 16%, now less than Rs 3 a stock

Mumbai, Feb 18 (IANS) Vodafone Idea scrips on Tuesday plunged over 16 per cent to trade below Rs 3 a stock after India Ratings downgraded its rating on non-convertible debentures of Rs 3,500 crore citing stress on the company’s near-term liquidity post the Supreme Court’s ruling.

From a 52 week high of Rs 35.30 a stock that Vodafone Idea logged on March 13, 2019, it has now fallen below Rs 3 a share on Tuesday as its survival has come under question after the apex court ruling on February 14 directing the telcos to pay the adjusted gross revenue (AGR) related liabilities to the government next month.

With the government mulling the possibilities of invoking bank guarantees of the telcos to recover the statutory dues, Vodafone Idea chairman Kumar Mangalam Birla on Tuesday met Telecom Secretary Anshu Prakash on the AGR payment issue after paying Rs 2,500 crore on Monday.

The company had urged the court that the bank guarantee deposited with the government by Vodafone Idea should also not be encashed. Birla has maintained that without relief on the AGR payout, it may not be possible to continue as a going concern.

The company in a regulatory filing said that “India Ratings and Research (Ind-Ra), has downgraded its rating on Non-Convertible Debentures of Rs 3,500 crore of erstwhile Vodafone Mobile Services Limited (since merged with the Company)”.

–IANS

ravi/sn/skp/

YOU MAY ALSO BE INTERESTED IN

IIFL dealer, 5 others barred from securities market for front running

CanIndia New Wire Service

India can become AI laboratory of the world: NITI Aayog CEO

CanIndia New Wire Service

India needs to move beyond exporting raw materials: Goyal

CanIndia New Wire Service

Growth in data tariffs, broadband reach show move towards higher ARPU

CanIndia New Wire Service

Three pvt banks in TN, Kerala hit headlines for wrong reasons

CanIndia New Wire Service

Stimulus, healthy macros expected to lift markets (IANS Equity Outlook)

CanIndia New Wire Service

‘CIRP threshold against personal guarantors should be raised’

CanIndia New Wire Service

Unscathed: Pent-up demand more sustained, predictable now, says Kia India (IANS Special)

CanIndia New Wire Service

Accounts not performing due to delay won’t be labelled NPAs: Centre

CanIndia New Wire Service

Leave a Comment

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

SUBSCRIBE TO OUR WEEKLY NEWSLETTER

Stay up to date with the latest news and exclusive offers directly in your inbox