Vodafone Idea shares surged up to 9.5% on October 27 after the Centre informed the Supreme Court that it was open to reconsidering the company’s plea in the adjusted gross revenue (AGR) case. The apex court, led by Chief Justice B.R. Gavai with Justices K. Vinod Chandran and Vipul M. Pancholi, allowed the government to review the issue, stating there was “no reason” to prevent it.
Vodafone Idea shares hit a one-year high of ₹10.57 on the NSE before profit booking trimmed gains, with the stock up 1.5% at 1:10 p.m. The Solicitor General, Tushar Mehta, said the Centre now holds 49% equity in Vodafone Idea and serves nearly 20 crore customers, justifying its willingness to revisit the matter. The bench observed that the government’s involvement warranted reconsideration.
Following this, Indus Towers and Bharti Airtel rose around 5% and 3%, respectively. Vodafone Idea has filed a fresh plea against the DoT’s ₹5,606 crore demand for FY 2016–17, seeking a reassessment of AGR dues. Earlier, the Supreme Court had upheld DoT’s dues demand, setting a 10-year payment schedule through 2031 after ruling on the AGR issue in 2019.