Vodafone Idea tanks 34% but Airtel, RIL gain
Mumbai: While Vodafone Idea crashed 34 percent after the Supreme Court’s dismissal of the AGR review petitions filed by telcos on its earlier Adjusted Gross Revenues (AGR) verdict, Bharti Airtel jumped four percent and Reliance Industries gained nearly two percent on Friday.
Bharti Infratel was the top loser on the NSE. Its stock price fell nearly 10 percent on the AGR verdict.
JM Financials in a report said that it expects a governmental intervention soon to ensure that Vodafone Idea Limited (VIL) would not have to approach the NCLT next week due to the payment deadline.
“While total sector AGR dues are pegged at Rs 920 billion to 1,400 billion, we believe exposure to VIL remains the most concerning from banks’ point of view due to insufficient cash balance and cash flows, and lack of borrowing capacity to fund these dues,” JM Financials said.
At 10.15 a.m., the Sensex was up 97.17 points at 42,029.73 after touching an intra-day high of 42,046.67.
Sensex opened at 41,929.02 from its previous close of 41,932.56. The broader Nifty gained 21.80 points to trade at 12,377.30 during the early trade.