Today's stock market: The price of Vodafone Idea's shares dropped more than 4% in morning trading after opening almost flat on Tuesday. On Monday after market hours, the corporation had questions about the "AGR dues waiver."
Today's stock market: The price of Vodafone Idea's shares dropped more than 4% during Tuesday morning trading after opening almost flat on Tuesday. On Monday after market hours, the corporation had questions about the "AGR dues waiver.""We have not received any communication from the Government in relation to the above reported matter," Vodafone Idea stated in its explanation to the exchanges.
News sources indicated that governments were likely to forgive AGR dues to telecom companies, which caused the Vodafone Idea share price to rise sharply on Monday, reaching up to 10% on the exchanges before closing more than 9% higher.
AGR is the amount of money telecom carriers make from their core offerings.
According to a Trai report, rate increases drove telecom operators' gross revenue to ₹91,426 crore in the July–September 2024 quarter, a 10.5% year-over-year gain. Levies are determined by the government using adjusted gross revenue, which increased 13.11 percent to ₹75,310 crore. Vodafone Idea's AGR rose 4.39 percent, from ₹7,507.65 crore to ₹7,836.98 crore.
Vodafone Idea's clarification
The news that was quoted in a January 20, 2025, media article that stated, "Vodafone Idea, Airtel shares in focus as govt plans AGR dues waiver" prompted the Exchange to ask Vodafone Idea Ltd. for clarification on the matter.
"With reference to the news article appeared in Mainstream Media on 18 January 2025, titled "In Big Relief to Telcos, Govt weighs over ₹1 lakh crore AGR dues waiver," and the resulting material price movement in the Scrip of the Company today, i.e., on 20 January 2025," Vodafone Idea clarified a news item on January 20, 2025, after market hours.
"We have not received any communication from the Government in relation to the above reported matter," Vodafone Idea stated in its press release. We shall take the necessary action as soon as a development arises that calls for disclosure.
Changes in the price of Vodafone Idea shares
Tuesday's opening price of ₹9.94 for Vodafone Idea shares on the BSE was nearly unchanged from Monday's closing price of ₹9.95. However, the price of Vodafone Idea's shares fell even further, hitting intraday lows of ₹9.51, representing a drop of over 4%.
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