The share prices of telecom companies declined by over 1-10 percent on Friday after the Supreme Court of India rejected Bharti Airtel, Vodafone Idea, and Tata Teleservices' applications seeking re-computation of the adjusted gross revenue (AGR) – related dues.
Shares of Vodafone Idea were down 10 percent, Bharti Airtel fell over one percent, while Tata Teleservices (Maharashtra) declined five percent.
The Supreme Court had previously observed that on three occasions the apex court had held that there is no room for recomputation of AGR demand.
In their plea, the telecom companies had raised the issue of alleged errors in the calculation in the figure of AGR-related dues demanded by the Department of Telecommunication (DoT).
The matter was being heard by a bench comprising Justices LN Rao and Hrishikesh Roy on July 23.
Last year, the apex court had given 10 years to telecom service providers to pay AGR-related dues to clear their outstanding amount to the government.
The shares of banks with exposure to Vodafone Idea also declined.
Catch live updates on AGR case here.