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Bharti Airtel rises, Vodafone Idea falls as SC refuses to review AGR verdict

Updated : January 17, 2020 10:35 AM IST

Intraday, the share price of Bharti Airtel surged 5.27 percent to Rs 498.75 per share on the NSE while Vodafone Idea's shares tanked 39 percent to Rs 3.65.

The apex court mandated the telcos to pay nearly Rs 1.02 lakh crore as a statutory payment to the government by January 23.

Bharti Airtel surged in trade while Vodafone Idea plunged on Friday after Supreme Court dismissed the plea by telecom companies seeking a review of the court's October 24 ruling on AGR.

Intraday, the share price of Bharti Airtel surged 5.27 percent to Rs 498.75 per share on the NSE while Vodafone Idea's shares tanked 39 percent to Rs 3.65.

The apex court mandated the telcos to pay nearly Rs 1.02 lakh crore as a statutory payment to the government by January 23.

The Cellular Operators Association of India (COAI), the industry association, termed the dismissal of petition as the last straw on the sector's back reeling under financial stress.

"While we respect the Supreme Court's order dismissing the review petition on AGR order, the telecom sector is deeply disappointed," said COAI Director General Rajan Mathews.

He said the sector, reeling under Rs 4 lakh crore debt, was a key contributor to the Indian economy in terms of consumer benefit, employment, revenue generation and contributed 6.5 percent to the gross domestic product (GDP).

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