Thu Sep 19 13:09:43 UTC 2024: ## Vodafone Idea Shares Plunge 21% After Supreme Court Rejects AGR Dues Appeal
**MUMBAI, INDIA** – Vodafone Idea Ltd. shares plummeted by 21% on Wednesday, September 19th, after the Supreme Court rejected the company’s final appeal seeking a review of its Adjusted Gross Revenue (AGR) dues. The stock closed at ₹10.43, down around 20% from its opening price.
The Supreme Court’s decision came after Vodafone Idea filed a curative petition, the final legal recourse, challenging a 2019 verdict that mandated the company to pay significant dues for license fees and spectrum charges to the Department of Telecom (DoT).
The telecom giant had argued that the AGR calculation methodology was flawed, resulting in excessive dues. However, the three-judge bench ruled that there was no merit to the petition and upheld its previous decision.
Telecom companies are legally obligated to pay 8% and 3% of their AGR as license fees and spectrum usage fees to the DoT. The Supreme Court’s verdict reaffirms this requirement, leaving Vodafone Idea with the burden of settling the substantial AGR dues.
Despite the sharp decline in Vodafone Idea’s stock, the benchmark BSE Sensex closed at 83,184.80, up 0.29% from its opening price.
First Piper 