News Karnataka
Friday, March 29 2024
Cricket
Business

Vodafone Idea pulls a surprise, stocks zoom 35% on the BSE

Photo Credit :

Mumbai: Vodafone Idea on Wednesday saw a sharp surge in its stock price over reports that the government is unlikely to invoke its bank guarantees for now. Its shares were trading at Rs 4.08 a share, higher by 35 per cent on the BSE.

With the government mulling the possibility 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 not be encashed. Birla has maintained that without relief on the AGR payout, it may not be possible to continue as a going concern.

On Tuesday, Vodafone Idea’s scrips closed 11 per cent lower after India Ratings downgraded its rating on non-convertible debentures of Rs 3,500 crore citing stress on the company’s near-term liquidity after the Supreme Court’s ruling.

Share this:
MANY DROPS MAKE AN OCEAN
Support NewsKarnataka's quality independent journalism with a small contribution.

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

To get the latest news on WhatsApp