Vodafone Idea Shares Surge After Supreme Court Ruling
Vodafone Idea shares jumped 9% after the Supreme Court allowed the government to reconsider AGR dues.
The company's share price surged nearly 10% in intraday trade after the court's decision, which is seen as a key breather for the debt-ridden telecom operator.
The Supreme Court observed that the AGR matter falls within the Centre's policy domain, giving the government the freedom to relook into Vodafone Idea's request for reassessment.
There is "no impediment" to the Union government taking an appropriate decision in the case.
- The court's decision opens the door for a possible reduction in dues for Vodafone Idea.
- The company has been struggling under the burden of massive AGR liabilities for years.
Author's summary: Vodafone Idea shares rise after court ruling on AGR dues.
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