Telecom major Vodafone Idea Ltd. has called for an urgent meeting with investors and analysts, scheduled for Monday, September 23, 2024.
"Vodafone Idea Limited will host a conference call with its senior management on Monday, September 23, 2024 from 02.30 PM to 03.00 PM, Indian Standard Time to provide an update on the recent development," the company said via exchange filing on Friday (September 20).
"The participants from the Company for the conference call will be Mr. Akshaya Moondra, Chief Executive Officer and Mr. Murthy GVAS, Chief Financial Officer supported by the senior management team," said in the regulatory filing
As per mutiple reports, this move follows a significant ruling by the Supreme Court of India that dealt a heavy blow to the financially troubled telecom operator.
Supreme Court Dismisses AGR Pleas
On Thursday (September 19), the apex court of the country dismissed pleas filed by Vodafone Idea and other telecom operators like Bharti Airtel, who were seeking corrections in the Adjusted Gross Revenue (AGR) dues.
Supreme Court of India | File
The companies had argued that errors were made in the calculation of the AGR dues, which amount to billions of rupees. However, the the Supreme Court stood firm on its previous judgment.
Stock Market Reaction: Shares Tumble, Then Recover
The Supreme Court's dismissal of the AGR pleas triggered a strong reaction in the stock market. Vodafone Idea's shares plummeted during trading hours on September 20, falling below Rs 10 per share to hit a low of Rs 9.79 on the Bombay Stock Exchange (BSE) on the Thursday's trading.
Share performance |
However today, the stock managed a slight recovery by the end of the trading session.
The shares of the company ended the day 1.35 per cent higher at Rs 10.52 per share.
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